Russian-owned oil company in Serbia loses U.S. sanctions exemption
Serbia's largest Russian-owned oil company, Naftna Industrija Srbije (NIS), announced on Oct. 9 that it had not received an extension of its U.S. sanctions waiver, Reuters reported.
NIS, one of the few remaining Russian energy assets operating in Europe, was sanctioned by the U.S. in January as part of broader efforts to restrict Russian energy exports. Yet, Washington had granted temporary exemptions, the latest of which expired on Oct. 9.
"The special license from the U.S. Department of the Treasury, which enables seamless operational business, has not yet been extended," NIS's statement read.
Meanwhile, the U.S. on Oct. 8 extended a waiver for Croatian pipeline operator JANAF, NIS's main oil supplier, for one more week to complete delivery of previously contracted volumes to Serbia.
Despite the sanctions, NIS said it had secured sufficient crude reserves for refining and that its gas stations across Serbia remain fully stocked with all fuel types. The company added that it is working with the Serbian government, shareholders, and partners to resolve the situation.
Russian state company Gazpromneft owns a 44.9% stake in NIS, while Gazprom's investment division holds 11.3%. The Serbian government retains a 29.9% share.
Serbian President Aleksandar Vucic said on Oct. 7 that Belgrade plans to hold talks with Moscow to address issues stemming from international sanctions.
While Serbia has repeatedly condemned Russia's full-scale invasion of Ukraine, including through votes at the United Nations, it has refused to align with Western sanctions against the Kremlin and continues to maintain close ties with Russian officials.
