US sanctions on NIS postponed for a month again

The US Department of the Treasury has postponed, for the sixth time, the implementation of sanctions on Naftna industrija Srbije (NIS), this time until September 26, the Government of Serbia announced.

Minister of Mining and Energy Dubravka Djedovic Handanovic emphasized that “even under difficult circumstances, NIS will continue providing a stable supply of the domestic market with oil and oil products.”

– The end goal is to have NIS removed from the sanctions list of the Office of Foreign Assets Control (OFAC) of the US Department of the Treasury, which is a process that does not depend on Serbia. We hope that the continuation of the talks at the high level between the USA and Russia will contribute to progress regarding the entire package of US sanctions on Russian companies, as well as an agreement which could have a positive impact on removing the uncertainty about Naftna industrija Srbije and the removal of the company from the sanctions list – emphasized Djedovic Handanovic.

She pointed out that, by managing to have the sanctions postponed thus far, Serbia had managed to preserve energy security.

– Despite the complex circumstances that we have no influence over, it has been secured that the refinery has enough crude oil and continue working and we are grateful to the US administration for the understanding so far. The situation remains complex and the state continues putting in maximum effort and having an active dialogue with both the American and the Russian side – the competent minister emphasized.

She also reminded that Serbia had done nothing to contribute to the introduction of sanctions on NIS and that they were a result of global politics.

– We will continue fighting by using all diplomatic means in order to secure stability of supply for our citizens and the economy – concluded Djedovic Handanovic.

The director of Srbijagas, Dusan Bajatovic, estimated yesterday that NIS operated normally at that moment and that the fuel supplies in Serbia were sufficient for six to eight months, as well as that there was no danger of price shocks or oil shortages.

NIS a.d. Novi Sad

Ministarstvo rudarstva i energetike Republike Srbije

JP Srbijagas Novi Sad

Naftna industrija Srbije

NIS

Ministry of Mining and Energy

Srbijagas

US Department of the Treasury

Dušan Bajatović

Dubravka Đedović Handanović

sanctions on NIS