Serbia has obtained a three-month license from the U.S. to seek a buyer for its Russian-owned oil company, NIS, which is facing sanctions that jeopardize winter fuel supplies, according to Energy Minister Dubravka Djedovic-Handanovic. The Russian firms Gazprom Neft and Gazprom, which control 56% of NIS, have expressed their willingness to transfer ownership to a third party and submitted a request to the U.S. Treasury’s Office of Foreign Assets Control (OFAC).
The sanctions on Russia’s oil sector were first enacted in January, with the impacts on NIS beginning on October 8. Djedovic-Handanovic confirmed that the U.S. Treasury has granted a temporary permit for ownership negotiations until February 13, during which time NIS and its refinery operations will be halted. Payment processing for NIS has already ceased, and the Croatian pipeline JANAF has stopped crude oil deliveries, leading to predictions that the refinery could only remain operational until November 25 without new supplies.
Furthermore, the U.S. aims for the complete withdrawal of Russian ownership from NIS, and the Serbian government may consider taking over the company, despite President Aleksandar Vucic’s opposition. Currently, Gazprom Neft holds 44.9% and Gazprom 11.3% stakes in NIS, with the Serbian government owning 29.9%.
