NIS: Continuation of normal operations in several fields enabled until July 29

The U.S. Department of the Treasury has issued a new special license that postpones the full implementation of sanctions against NIS and allows the company to continue operating until July 29, 2025, announced the Oil Industry of Serbia (Naftna industrija Srbije - NIS).

– The new license allows NIS to carry out the maintenance of operations, contracts, and other agreements involving NIS or its operating subsidiaries, execution of all transactions with NIS and its operating subsidiaries, which are aimed at the fulfillment of the contract, disposal or transfer, or facilitation of the disposal or transfer of debt or equity issued or guaranteed by NIS or its operating subsidiaries (“Covered Debt or Equity”) to a non-US person, and official affairs of diplomatic or consular missions outside the Russian Federation involving NIS or its operating subsidiaries – NIS points out.

The company reminds that in March it also submitted a request for the removal of NIS from the SDN list (Specially Designated Nationals).

– NIS operates in accordance with the laws of the Republic of Serbia and other countries in which it is present, and through its business operations, it has not contributed to the imposition of sanctions that jeopardize the company’s operations and the social stability of more than 13,000 employees. In the coming period, NIS will remain focused on the regular supply of the domestic market with all types of petroleum products, as well as on maintaining the social stability of its employees. NIS is ready for the continuation of consistent cooperation with the U.S. Department of the Treasury regarding the submitted request for the removal of the company from the SDN sanctions list. NIS shall inform the public in a timely manner about any new circumstances that may affect the company’s operations – NIS concludes in its press release.

NIS a.d. Novi Sad

Naftna industrija Srbije ad Beograd

sanctions on NIS