OFAC extends NIS operating license until February 20

The US administration has stated in a letter to the Serbian Ministry of Finance the conditions under which the operating license for NIS to continue operating until February 20 is valid, RTS has learned.

The US Treasury Department’s Office of Foreign Assets Control (OFAC) has extended the operating license for Naftna industrija Srbije until February 20.

OFAC, in a letter to the Serbian Ministry of Finance, stated the conditions under which the operating license is valid:

• That the transactions do not involve US entities or the US financial system;

• That the transactions do not involve, are not on behalf of or for the benefit, directly or indirectly, of any other blocked entity other than NIS;

• That the transactions do not involve any other activity subject to sanctions under the Sanctions Regulations for Russian Harmful Foreign Activities (31 CFR Part 587), the Ukraine and Russia Sanctions Regulations (31 CFR Part 589), or regulations of other US authorities authorized to impose sanctions.

The previous license to continue operations, which NIS received three weeks ago, was set to expire at midnight.

NIS filed a new request for an extension on Monday, as the preliminary purchase agreement between Gazpromneft and MOL was submitted to OFAC, which was a condition of the US administration for a new operating license.

NIS a.d. Novi Sad

Ministarstvo finansija Republike Srbije

OFAC

Office of Foreign Assets Control of US Treasury Department

NIS

NIS license