Djedovic Handanovic: We expect a response from OFAC regarding the license to NIS soon

A response from the US Office of Foreign Assets Control (OFAC) is expected soon, whether or not it will grant a new license for the operations of Naftna industrija Srbije (NIS), said Minister of Mining and Energy Dubravka Djedovic Handanovic. As she said, it remains to be seen whether the takeover of management will be enough to continue operations or whether there will be additional requirements regarding the ownership of the company, the minister noted.

Djedovic Handanovic chaired the meeting of the fifth Working Group for Monitoring the Activities of the US Department of the Treasury, Office of Foreign Assets Control, in the Serbian Government regarding the Introduction of Sanctions to Naftna industrija Srbije, the Ministry of Energy announced.

On November 11, the Russian owners of NIS sent a request to the US OFAC for an extension of the license to operate based on negotiations with a third party. The minister reminded that the Russian side was the majority partner in NIS, which decided on the change of management and ownership of the company.

– The Russians are the majority owners of NIS and it is up to them to decide with whom they will negotiate a change of management or ownership. The Serbian government supported these talks, which were constructive and open, in order to reach a new operating license and fulfill our long-term goal, which is the removal of NIS from the sanctions list – stated Djedovic Handanovic.

The minister reminded that OFAC sanctions against NIS had entered into force on October 9 and that since then the market situation and the security of supply of oil and oil products had been regularly reviewed.

Ministarstvo rudarstva i energetike Republike Srbije

NIS a.d. Novi Sad

OFAC

Dubravka Đedović Handanović

sanctions on NIS

sale of NIS

NIS license