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Time of India
14-07-2025
- Business
- Time of India
Serbia seeks fifth US sanctions waiver for Russian-owned oil firm NIS
Talks between Belgrade and the United States over postponing sanctions against Russian-owned Serbian oil company NIS for a fifth time have been marred with difficulties, Serbian mining and energy minister Dubravka Djedovic Handanovic said on Monday. NIS has so far secured a fourth reprieve, which is due to expire on July 29, putting Serbia in a precarious position as it tries to balance its energy security against geopolitical pressures. "Negotiations are quite tough, because we are in an unenviable situation between two great powers, Russia and America," Djedovic Handanovic said in a live broadcast on Serbia's state RTS TV. NIS, majority-owned by Russia's Gazprom Neft and Gazprom, operates Serbia's only oil refinery covering much of its needs, and sanctions could jeopardise its crude supply. The facility has an annual capacity of 4.8 million tons. The US Treasury's Office of Foreign Assets Control initially placed sanctions on Russia's oil sector on January 10, and gave Gazprom Neft 45 days to exit ownership of NIS. The US Department of the Treasury did not immediately respond to a request for comment on the talks. "We will be striving with all available means to continue the dialogue with both sides ... to protect our position," she said. On February 26, Gazprom Neft transferred a stake of around 5.15 per cent in NIS to Gazprom in an attempt to ward off sanctions. Gazprom Neft now owns 44.85 per cent of NIS, while Gazprom has 11.3 per cent. The Serbian government owns 29.87 per cent, with the remaining shares held by small shareholders. NIS imports about 80 per cent of its oil needs through Croatia's pipeline operator Janaf. The remainder is covered by its own crude oil production in Serbia.
Business Recorder
27-04-2025
- Business
- Business Recorder
Serbia's NIS oil firm gets new sanctions waiver from US
BELGRADE: Serbian oil company Naftna Industrija Srbije, which is majority-owned by Russia's Gazprom Neft and Gazprom, secured a third sanctions waiver from the United States, President Aleksandar Vucic said on Saturday. NIS operates a single oil refinery in Serbia with annual capacity of 4.8 million tons. It covers most of the Balkan country's needs and the introduction of sanctions would cut its crude supply. 'Serbia has managed to secure a new sanctions waiver, this time for two months, until June 27,' Vucic wrote on Instagram. The US Treasury's Office of Foreign Assets Control (OFAC) initially placed sanctions on Russia's oil sector on January 10, and gave Gazprom Neft 45 days to exit ownership of NIS. Serbia's government and NIS have so far secured two one-month waivers from OFAC to try to find a solution with the Russian companies, with the second one set to expire on April 28. This is the first two-month sanctions reprieve so far. 'Thank you to our American partners and their understanding for Serbia's position,' Vucic said. On February 26, Gazprom Neft transferred stakes of around 5.15% in NIS to Gazprom in an attempt to ward off sanctions. Gazprom Neft owns 44.85% of NIS, while Gazprom has 11.3%. The Serbian government holds a 29.87% stake, with small shareholders accounting for the rest. NIS imports about 80% of its needs through Croatia's pipeline operator Janaf. The remainder is covered by its own crude oil production in Serbia.
Yahoo
29-03-2025
- Business
- Yahoo
US extends Serbian oil firm NIS's sanctions waiver for 30 days, President Vucic says
BELGRADE (Reuters) -The United States Treasury has granted a second 30-day extension to the Serbian oil company NIS's sanctions waiver, Serbian President Aleksandar Vucic said on Friday. The introduction of sanctions could have resulted in crude supply cuts for NIS, which operates Serbia's only oil refinery, with an annual capacity of 4.8 million tons, and covers most of the Balkan country's fuel needs. It is majority-owned by Russia's Gazprom Neft and Gazprom. The waiver had been due to expire at midnight. 'We have received another 30 days of sanctions reprieve for NIS ... Thanks to our American partners for understanding,' Vucic said in a post on Instagram. The U.S. Treasury's Office of Foreign Assets Control initially placed sanctions on Russia's oil sector on January 10, and gave Gazprom Neft 45 days to exit ownership of NIS. OFAC previously delayed sanctions for 30 days on February 27 to allow the company to find a solution with the Russian companies. On February 26, Gazprom Neft transferred stakes of around 5.15% in NIS to Gazprom in an attempt to ward off sanctions. The changes mean Gazprom Neft no longer has an absolute majority in NIS and it follows a similar change in 2022 when the company avoided EU sanctions imposed on Russia over its invasion of Ukraine. Gazprom Neft now owns 44.85% of NIS, while Gazprom has 11.3%. The Serbian government holds 29.87% of stakes, with small shareholders accounting for the rest. NIS imports about 80% of its needs through Croatia's pipeline operator Janaf. The remainder is covered by its own crude oil production in Serbia. Sign in to access your portfolio
