US's OFAC extends deadline for talks on sale of Russian stake in NIS until March 24

BELGRADE - The US Office of Foreign Asset Control (OFAC) has issued a new licence to Serbia's Russian-majority owned oil company NIS whereby the deadline for the completion of talks on a sale of the Russian stake in the firm is extended until March 24, 2026, Tanjug learns.

Due to the Russian majority ownership, NIS has been under US sanctions since October 9.

OFAC has not issued a new operating licence to NIS that would enable the company to continue operations.

A previous OFAC licence set February 13, 2026 as the deadline for changing the ownership structure in the company.

Due to a halt of crude oil supplies as a result of the sanctions, the NIS refinery has been in hot circulation mode since November 25, which would enable it to restart production more quickly and more easily.