The US Treasury Department's Office of Foreign Assets Control (OFAC) has extended the operating license of Serbian oil company NIS until April 17, Serbian authorities said, as quoted by TANJUG. The decision allows the company to continue its operations after the previous license expired on March 20, BTA reported.
Serbian Minister of Mining and Energy Dubravka Džedović Handanović said the license extension was essential amid rising oil prices on international markets. According to her, the refinery in Pancevo continues to operate normally and fuel supplies remain stable. She stressed that there is no reason for concern among citizens and that there is no need to stock up, as stocks are sufficient.
The minister noted that despite the difficult operation of NIS over the past year and the lack of crude oil supplies in the country for nearly 100 days, there is no shortage on the domestic market. The situation is further complicated by the tension in the Middle East, which is affecting global energy markets, TANYUG notes. In response, the Serbian authorities have reduced excise duties on fuels by 20 percent and released 40,000 tons of Eurodiesel from state reserves, with additional measures also planned.
On March 12, NIS requested a new special license from OFAC, emphasizing the importance of its continued operation for the Serbian economy, especially in the context of instability in global oil markets, TANYUG recalls. The company also emphasized the advanced negotiations for a change in the ownership structure.
The initial license, issued on February 20, allowed NIS to continue its business operations, including oil import and refining, financial transactions and activities related to security of supply. In parallel, OFAC granted permission to shareholders and interested parties to conduct negotiations for an ownership restructuring until March 24.
The sanctions against NIS were imposed in October 2025 due to the majority stake of the Russian company "Gazprom Neft", recalls TANYUG. Negotiations are currently underway between NIS and the Hungarian MOL to acquire a 56.15% stake in the Serbian company. The final agreement is expected to be signed by the end of March, subject to receiving the necessary regulatory approvals, including from OFAC.