US sanctions on NIS enter into force

BELGRADE - Serbia's Russian majority-owned oil company NIS announced on Thursday morning that, to date, it had not received a special licence from the US Department of the Treasury enabling uninterrupted operations.

"Since its inclusion on the Specially Designated Nationals (SDN) List in January, NIS has been closely monitoring the situation and making every effort to adapt its operations to the new circumstances. The company remains committed to its priorities of maintaining a regular supply of petroleum products to the domestic market and ensuring the social stability of its employees. Currently, the company has sufficient crude oil reserves for refining and maintains a regular supply of all types of petroleum products to its petrol stations," NIS said in a statement.

"If foreign payment cards (Master Card, Visa) are no longer supported at NIS petrol stations, clients will be able to use the Serbian Dina card, cash, or the IPS instant payment method. Clients will still be able to use and pay with the Sa Nama Na Putu, Agro, and Taxi cards. Payment for wholesale transactions will still be accepted in dinars, ensuring that NIS remains a reliable partner, fulfilling its contractual obligations to its partners, including corporate clients and large consumers.

The company is working to resolve the current situation in collaboration with its partners, the Government of the Republic of Serbia, and its shareholders. NIS continues communication with the US Department of the Treasury regarding its delisting request. The initial request was submitted on March 14, and then updated on September 28 of this year. However, delisting is a complex and lengthy process.

The company continues to closely monitor the current situation and will promptly inform the public of any new circumstances that may impact its operations," it also said.