Serbian Government Requests New Postponement of Sanctions Against NIS

In a formal letter to the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC), the Serbian government endorsed the extension request to safeguard the country’s oil supply and mitigate potentially severe consequences for its citizens and economy.

"Today, Europe and the world are facing perhaps greater uncertainty than ever in the global oil market, with prices rising by as much as 20% in the past two weeks due to the conflict in the Middle East," Đedović Handanović stated. "Additional disruptions in supply chains, coupled with possible sanctions against NIS, could gravely endanger Serbia’s energy security and negatively impact not only our citizens but also the wider region. We informed representatives of the U.S. administration of these concerns and formally requested another postponement of sanctions, specifically, an extension of NIS’s license to continue operations."

The Minister recalled that, thanks to the diplomatic efforts of President Aleksandar Vučić and the Serbian Government, the country had already secured three postponements of sanctions targeting NIS.

“We were relieved when OFAC granted a special license to NIS, valid until June 27, which allowed for uninterrupted procurement and payment for crude oil, as well as its transport to the Pančevo refinery over the past 60 days,” she said. “Our top priority is ensuring that the refinery has sufficient crude oil to continue operations and maintain a stable supply for both citizens and the economy. We will continue discussions with all parties to preserve the stability of Serbia’s energy system. Serbia has played no role in the circumstances that led to sanctions against NIS, and we are committed to protecting our national interests.”