US sanctions "hit" Serbia - Agreement for Russian-owned NIS oil company expires
Serbian oil company NIS (Naftna Industrija Srbije), which is partly owned by Russia, announced that it has failed to secure another exemption from US sanctions, putting fuel supplies at risk for the country's largest oil importer.
The United States imposed sanctions on NIS in January as part of a broader campaign to isolate Russian energy assets in Europe. Until now, a series of exemptions had delayed the implementation of these measures, but the company announced that there would be no further extensions.
"The special license from the US Treasury Department, which enabled the company's normal operation, has not been extended," the statement said.
Gazprom Neft, a Russian company, owns 44.9% of NIS shares, while a Gazprom investment unit has another 11.3%. The Serbian government has 29.9% of the shares.
The company, which supplies about 350 gas stations across Serbia, tried to reassure customers, saying it had secured enough oil to continue operating its refinery in Pancevo, near Belgrade. The refinery's annual capacity is 4.8 million metric tons.
NIS also stressed that citizens can use the local currency, the dinar, if payments with international credit cards are banned. The company also said it would honor all contractual agreements with its business partners. According to Reuters sources, NIS meets about 80% of Serbia's demand for diesel and gasoline, as well as 90% or more of its jet fuel.
Serbia imports crude oil via the JANAF pipeline from Croatia. A day earlier, JANAF announced that the United States had extended its license to transport oil to Serbia until October 15. However, it remains unclear whether NIS will be allowed to accept more supplies after that date.
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