US Grants Temporary Sanctions Waiver to Serbia’s NIS Until October 8

The U.S. Department of the Treasury has issued a temporary license allowing Serbia’s oil company NIS to continue operations until October 8, despite existing sanctions. NIS, which is partially owned by Russian companies, confirmed the extension on Wednesday.
The company runs Serbia’s only oil refinery, located in the town of Pancevo near Belgrade. It plays a crucial role in meeting the country’s energy needs, with an annual processing capacity of 4.8 million tons.
Sanctions targeting Russia’s oil sector were initially introduced on January 10, with a 45-day deadline for Gazprom Neft to divest from NIS. However, enforcement of the measures has been delayed multiple times. Most recently, authorities indicated that the sanctions would take effect on October 1 before this latest postponement.
Gazprom Neft holds a 44.9% stake in NIS, Gazprom owns 11.3%, and the Serbian government holds 29.9%. The refinery relies on crude deliveries via the Croatian oil pipeline operator JANAF.
JANAF also confirmed it has authorisation to continue supplying crude to NIS until October 8. The company stated that, with support from the Croatian government, it plans to apply for an extension of the license through legal representation in the United States. Whether operations can continue beyond that date will depend on further actions by NIS and the relevant U.S. authorities.