US Extends Sanctions Waiver for Serbian Oil Firm NIS Until April 2025

The U.S. Department of the Treasury has granted a new special license extending sanctions relief for the Serbian oil and gas company NIS until April 28, 2025. This decision allows NIS to continue its operations without restrictions, crucial for Serbia's energy stability, as it operates the only oil refinery in the country, producing 4.8 million tons of refined fuel annually. The company, majority-owned by Russian firms Gazprom Neft and Gazprom, has been under scrutiny due to U.S. sanctions affecting Russian entities, prompting NIS to seek its removal from the Specially Designated Nationals list. Serbian President Aleksandar Vucic expressed gratitude for the extension, emphasizing its importance for maintaining the country's energy supply amidst ongoing geopolitical tensions. Despite the reprieve, concerns remain about the long-term implications of the sanctions and the potential for future disruptions in fuel availability. As negotiations continue, NIS is committed to complying with all relevant regulations while safeguarding its operations and workforce.