US's OFAC extends operating licence for NIS until April 17

BELGRADE - The Office of Foreign Assets Control (OFAC) of the US Department of the Treasury has extended until April 17 an operating licence issued to the Serbian oil company NIS.

Since October 9, 2025, NIS has been under US sanctions due to its Russian-majority ownership.

"As President Aleksandar Vucic suggested in the evening, good news arrived from the US last night. The extension of the licence for a period of almost one month is especially important at this time, when oil prices in stock markets hike every day. The Pancevo refinery continues to operate and supplies will remain reliable. People need not worry, there is no need to make stockpiles - we have sufficient oil derivatives," Serbian Minister of Mining and Energy Dubravka Djedovic Handanovic said on Friday.

On March 12, NIS submitted a request to the OFAC for a new special licence that would enable it to continue to operate without obstructions after March 20, when the previous operating licence - issued on February 20 - expires.

The request noted the significance of normal NIS operations for the Serbian economy, especially in light of global developments and the conditions on the global oil market, as well as an advanced stage of talks on a change of the company's ownership structure.

A licence issued by the OFAC for the completion of the talks expires on March 24.