Serbia's NIS Requests 90-Day Sanctions Waiver from US Treasury

NIS, Serbia's state-owned oil company, has submitted an official request to the US Treasury Department for a 90-day waiver of sanctions, backed by the Serbian and Hungarian governments.

The request seeks licenses to allow NIS to continue operations while seeking solutions for its ownership structure and management. NIS operates Serbia's sole oil refinery.

Gazprom Neft and Gazprom, with 50% and 6.15% stakes in NIS respectively, are facing pressure to exit their ownership due to sanctions. The Serbian government holds 29.87% and small shareholders account for the rest.

In January 2023, Serbia's President Aleksandar Vucic stated that Russian companies had 45 days to divest their NIS shares. Russia's Foreign Minister Sergei Lavrov confirmed that Moscow was engaging with Belgrade on the matter.

NIS's request highlights the potential impact of sanctions on Serbia's energy security, as it relies on Croatia's pipeline operator Janaf for crude oil imports. NIS has a contract with Janaf to transport 10 million tons of oil from 2024 to 2026.

The Treasury Department's decision on the waiver request will be closely watched, as it could have significant implications for NIS's operations and Serbia's energy sector.