US postpones sanctions against Serbia - Gives oil company NIS time to operate until October 8
The U.S. Treasury Department has granted a special license that delays the full implementation of sanctions on the Russian-owned oil company NIS, which operates in Serbia. The measure allows the firm to continue operating until October 8. NIS runs the only oil refinery in the Balkan country.
The US Treasury's Office of Foreign Assets Control initially imposed sanctions on the Russian oil sector on January 10, giving Gazprom Neft 45 days to divest its ownership of NIS.
Since then, the implementation of the sanctions has been postponed several times, but last week the US announced that the sanctions would take effect on October 1.
NIS, whose main shareholders are Gazprom Neft with 44.9%, Gazprom with 11.3% and the Serbian government with 29.9%, operates the only refinery in Serbia, located in the city of Pancevo, near Belgrade.
The facility has an annual capacity of 4.8 million tons and meets most of the country's needs. Sanctions could jeopardize crude oil supplies through the Croatian company JANAF. The Croatian firm announced that it has permission to transport crude oil to NIS until October 8.
“In the coming days, JANAF, through its American lawyer and with the support of the Government of the Republic of Croatia, will address the Office for Foreign Assets Control with the aim of extending the aforementioned license,” the statement said.
"The possibility of extending the license beyond October 8, 2025 will depend primarily on the actions that NIS will take towards the competent US institutions," the firm stated.
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