Vucic: US's OFAC would grant licence to NIS but State Dept decision still pending

SUBOTICA - Serbian President Aleksandar Vucic said on Thursday he had information the US Office of Foreign Asset Control (OFAC) could make a positive decision on a new operating licence for Serbia's oil company NIS but that a decision by the US State Department was still pending.

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

"A decision has still not been made. That puts us into an extremely difficult position, for which we are prepared. It is not what we hoped for - we expected, and hoped for, something else, but we are prepared and people need not worry," Vucic told reporters in Subotica after receiving an Istvan Pastor Foundation award alongside Hungarian PM Viktor Orban.

Asked how Serbia was preparing for a potential halt of operations at the Pancevo oil refinery, Vucic said the refinery was due to exit a hot circulation mode on Saturday or Sunday.

"That is when the refinery will probably have to be shut down. So far, we have not received a signal that we will get a licence from the US. If that happens, in the best of cases, we will need to work day and night for 15 to 16 days from the day we obtain the licence in order to restart production of oil derivatives," Vucic said.