Serbian Oil Industry requests US delay of sanctions

Serbia and Hungary’s governments have supported the request, said the Serbian Mining and Energy Minister Dubravka Djedovic Handanovic, adding that Serbia has asked the US to delay sanctions for a minimum of 90 days.

In mid-January, the US imposed sanctions on NIS due to Russian ownership of more than 50 percent of the company.

“The request pertains to obtaining general or specific licenses that would allow NIS to continue operations while an acceptable solution for ownership structure and management is being sought. The goal is for a company that is regionally and strategically important for energy stability to remain operational,” said the Minister.

Given the importance of NIS for both Serbia’s and the regional economy, the Minister said, “We urgently request that OFAC consider providing immediate assistance in the form of delaying sanctions for at least 90 days while a sustainable solution that would lead to the lifting of sanctions is being explored.”

Djedovic Handanovic assured that NIS employees and citizens have no reason to worry, as the Serbian government will continue to protect the country’s interests, just as it has done in the past.

She noted that US officials have repeatedly said that sanctions are not directed against Serbia or its people and that, in this context, the Serbian Government hopes for a constructive continuation of dialogue to prevent any disruption to Serbia’s energy stability and that of the entire region.