U.S. Treasury Extends Operations License for Serbia's Sole Oil Refiner

The U.S. Treasury Department has extended an operating license for NIS, Serbia's sole oil refiner, which is majority owned by Russia. This decision by OFAC comes amid sanctions aimed at the Russian energy sector due to Moscow's involvement in the Ukraine conflict.

The U.S. Treasury Department's Office of Foreign Assets Control (OFAC) has announced an extension of the operational license for Naftna Industrija Srbije (NIS), Serbia's primary oil refinery, until February 20, according to a report by RTS state television on Friday.

NIS is majority-owned by Russia's Gazprom Neft and Gazprom, and became subject to OFAC sanctions in October. These sanctions are part of a broader set of measures targeting the Russian energy sector amid ongoing tensions arising from Russia's war in Ukraine.

The extension indicates a temporary alleviation amid stringent sanctions designed to curtail the economic influence of Russian energy behemoths, reflecting the complex geopolitical landscape influenced by the conflict.

(With inputs from agencies.)