Serbian Oil Giant Navigates Sanctions with U.S. Waiver Extension

Serbian oil firm Naftna Industrija Srbije, owned by Russia's Gazprom Neft and Gazprom, achieved a two-month U.S. sanctions waiver. This marks the third waiver, allowing operations until June 27. With sanctions initially imposed on January 10, Serbia struggles to maintain its vital oil supply amid geopolitical pressures.

In a significant development for energy politics, Serbian oil company Naftna Industrija Srbije (NIS), largely owned by Russia's Gazprom Neft and Gazprom, has secured its third sanctions waiver from the United States, President Aleksandar Vucic announced on Saturday.

The waiver, lasting until June 27, comes as NIS continues to operate Serbia's sole oil refinery, essential to meet the Balkan nation's energy demands. The U.S. initially imposed sanctions on Russia's oil sector on January 10, demanding Gazprom Neft divest from NIS.

Thanks to the waiver, NIS can temporarily avoid supply disruptions, importing 80% of oil via Janaf's Croatian pipeline, while the remaining needs are met by its domestic production.

(With inputs from agencies.)