NIS seeks new OFAC license to ensure continued operations

Naftna Industrija Srbije (NIS) has submitted a new application to the U.S. Office of Foreign Assets Control (OFAC) for a special license to ensure uninterrupted operational activities. The current license, which allows the company to process crude oil, is set to expire on August 28.

Serbian Prime Minister Đuro Macut expressed optimism that OFAC will extend the license, noting that negotiations regarding the acquisition of Russian ownership in NIS are progressing well. He stated there is no reason for public concern regarding fuel supplies, as the state has strengthened its systemic capacity by building new oil terminals and increasing reserves, including a new storage unit in Smederevo.

Previously, OFAC extended a license for the Hungarian company MOL until August 28 to allow for continued negotiations regarding the purchase of the Russian majority stake in NIS. The company remains under U.S. sanctions due to its Russian ownership.