The Serbian Oil Industry (NIS) has formally requested a 90-day delay on sanctions from the Office of Foreign Assets Control of the United States Treasury Department (OFAC), as stated today by Dubravka Đedović Handanović, Serbia’s Minister of Mining and Energy, who leads the Working Group for Monitoring OFAC Activities.

“This request aims to secure either general or special licenses that would allow NIS to continue its operations while a viable resolution regarding ownership and management is sought. The goal is to ensure that this company, which is crucial for regional energy stability, remains operational,” said Đedović Handanović.

The Serbian government supports this license request, noting that sanctions would hinder NIS’s ability to supply oil and oil derivatives to the Serbian public.

NIS’s request has garnered backing from the governments of both Serbia and Hungary, as mentioned by the Ministry of Mining and Energy.

“Given the significance of NIS to Serbia and the regional economy, we urgently request OFAC to contemplate immediate assistance via a suspension of sanctions for at least 90 days, while a sustainable resolution is pursued,” the minister asserted.

Voice of America has sought comments from OFAC and the State Department.

Dubravka Đedović Handanović reassured that NIS employees and citizens need not worry, as the state leadership remains committed to protecting Serbia’s interests, according to the statement.

She also recalled that US officials have previously made it clear that the sanctions do not target Serbia or its citizens, hoping for a constructive dialogue to maintain energy stability for both Serbia and the broader region.

On January 10, the US Treasury Department’s OFAC announced sanctions on the Russian energy companies Surgunjeft and Gazpromneft, along with their subsidiaries, in an effort to diminish Moscow’s energy revenue used for funding the war in Ukraine. The United Kingdom has also enacted similar sanctions.

During a visit to Belgrade the following day, US Deputy Secretary of State for Management and Resources, Richard Verma, at a joint press conference with Serbian President Aleksandar Vučić, stressed that US sanctions against NIS are aimed at Russia and not Serbia.

He noted that NIS is one of around 2,000 companies with Russian ownership that are under sanctions, but assured that there would be no economic repercussions for Serbia if Russian ownership were removed from the company.

President Aleksandar Vučić reiterated that Serbia is not the target of these sanctions, describing the situation as “flimsy consolation.” He previously indicated that US sanctions require Serbia to entirely eliminate Russian interests from NIS within 45 days.

Currently, Gazpromneft holds a 50 percent stake in NIS, having divested 6.15 percent of its ownership to Gazprom previously due to sanctions.

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