Serbian Oil Industry says US Treasury issued license

“On February 20, the United States Department of the Treasury issued a special license for NIS allowing it to resume operations until March 20, 2026. The licence allows NIS to maintain operations, contracts and other agreements regarding NIS and its affiliated companies, including resuming refinery operations, importing crude oil, and carrying out transactions essential for supply security and technical maintenance,” a press release on the NIS portal said.

It added that Treasury Office of Foreign Assets Control (OFAC) issued a license valid until March 24, 2026, allowing the company’s shareholders and other stakeholders to negotiate changes in the ownership structure.

The US Treasury included NIS in its sanctions against the Russian energy industry because the company was majority owned by the Russian Gazprom Neft which started negotiations to sell its shares to the Hungarian MOL.