Djedovic Handanovic: Request made for postponement of US sanctions on NIS

BELGRADE - Serbian Minister of Mining and Energy Dubravka Djedovic Handanovic said on Tuesday Serbia's majority Russian-owned oil company NIS had officially requested a postponement of US sanctions for a minimum of 90 days.

In a statement, Djedovic Handanovic said the request, sent to the Office of Foreign Assets Control (OFAC) of the US Department of the Treasury, had been backed by the Serbian and Hungarian governments.

NIS has requested general or special licences that would enable it to maintain operations while an acceptable solution is being sought regarding its management and ownership structure to enable it to keep operating, the minister said, noting that NIS was regionally and strategically important for energy stability.

"In view of the significance of NIS for the Serbian as well as the regional economy, we are urgently requesting that the OFAC consider immediate assistance in the form of postponing the sanctions for a minimum of 90 days while a sustainable solution that would lead to a lifting of the sanctions is being considered," said Djedovic Handanovic, who heads a Serbian working group set up to monitor OFAC activities regarding sanctions on NIS.

She noted that the Serbian government backed the request as the sanctions would erode the company's ability to supply oil and oil derivatives to Serbian citizens.

She said NIS employees and customers had no reason for concern as the Serbian state leadership, as always before, would protect the country's interests.