NIS requests new special licence from US Department of Treasury

BELGRADE - The Serbian oil company NIS has submitted a new request to the US Department of the Treasury for a special licence that would enable it to continue to operate without obstructions after February 20, when the current operating licence expires.

The request was submitted on February 12, NIS said in a statement.

NIS is under US sanctions due to its Russian-majority ownership.

Highlighting the significance of its normal operations for the Serbian economy, as well as ongoing talks on a change of its ownership structure, NIS said extending the operating licence would also ensure the necessary time frame for the interested parties to finalise the talks.

A licence issued by the Office of Foreign Assets Control (OFAC) of the US Department of the Treasury for the completion of the talks expires on March 24.