Serbia seeks extension of US sanctions waiver for oil firm NIS, minister says
"In the past month, as well as in the entire period since January when U.S. sanctions against NIS were first announced, we have consistently defended our position that sanctions would be very bad for the energy security of Serbia and the region," Dubravka Djedovic Handanovic said in a statement.
Continued sanctions on NIS, which is majority-owned by Russia's Gazprom Neft (SIBN.MM), opens new tab and Gazprom (GAZP.MM), opens new tab, would also hurt Serbia's economy, he said.
The U.S. Treasury's Office of Foreign Assets Control (OFAC) initially placed sanctions on Russia's oil sector on January 10, with NIS having so far secured a fourth reprieve, which is due to expire on July 29.
NIS operates Serbia's only oil refinery and the company's operating license is critical for crude oil procurement at the refinery, the minister said, stressing Serbia's commitment to working with its U.S. and Russian partners for a sustainable solution.
Djedovic Handanovic also thanked Hungary for its support, stating, "the Hungarian government has always supported Serbia's request to extend the license for NIS, and we expect it to do so this time as well."
NIS's refinery in the town of Pancevo, just outside Belgrade, has an annual capacity of 4.8 million tons and covers most of the Balkan country's needs.
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