Serbia's NIS asks the U.S. to postpone sanctions
The Serbian oil company NIS, majority-owned by Russia’s Gazprom Neft, has asked the U.S. to extend the sanctions exemption granted to it. The company seeks to maintain the ability to operate stably amid existing restrictions imposed due to the Russian origin of its shareholder.
NIS has applied to the Office of Foreign Assets Control (OFAC) of the U.S. Department of the Treasury for a new special license so that the company can continue its operations without interruption after June 16. On that date, the previous license issued by the U.S. in April expires.
“In its application, the company emphasizes the importance of NIS’s uninterrupted operations to ensure a stable supply to the domestic market, especially given the situation on the global oil market, and also notes the advanced stage of negotiations regarding changes to the ownership structure,” the statement reads.
"Gazprom Neft" and Gazprom’s investment arm hold a 56.16% stake in NIS, which operates Serbia’s only oil refinery in the northern city of Pančevo and meets 80% of the Balkan country’s fuel needs.
In October, the United States imposed sanctions on NIS as part of broader measures targeting Russia’s energy sector due to Moscow’s war in Ukraine. The U.S. insisted that Russian companies divest their ownership in NIS.
Since then, the company has received several deferral licenses from the U.S. government while continuing negotiations on the sale of Russian shares. The main contender to purchase NIS shares is the Hungarian oil and gas group MOL.
Source: “European Truth.”
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