NIS applies to OFAC for operating license

“NIS has submitted a new application to the US Office of Foreign Assets Control for a new special license that would allow the company to continue its operations without interruption,” a press release said and recalled that its current license is valid until July 1.

“The application underscores NIS’s critical role in ensuring the stable supply of the domestic market and maintaining the energy security of the Republic of Serbia. It further references the ongoing negotiations regarding a change in NIS’s ownership structure – a process for which OFAC has granted successive license extensions,” the press release said.

OFAC has extended operating license to NIS several times after the company came under US sanctions against the Russian energy industry. The license have been extended amid the ongoing negotiations between the Russian Gazprom Neft and Hungarian MOL on the purchase of the majority shares in NIS.