U.S. Extends Sanctions Waiver: Serbia's NIS Gets More Time for Winter Fuel

The U.S. Treasury has temporarily extended a sanctions waiver for Serbia's Russian-owned NIS oil company, allowing continued crude imports via Croatia’s JANAF pipeline. This extension aims to address potential fuel shortages while facilitating NIS's potential sale to Hungary's MOL, amidst broader sanctions against Russia's energy sector due to the Ukraine conflict.

The U.S. Treasury Department has given Serbia's Russian-owned NIS oil company a crucial extension on its sanctions waiver, providing more time to secure essential winter fuel supplies. The announcement came from state-run RTS TV on Friday, highlighting the ongoing geopolitical tensions.

The Office of Foreign Assets Control (OFAC) initially imposed sanctions on NIS in October to pressure Russia amid the Ukraine conflict. This action led to a halt in oil supplies to Serbia and the shutdown of its sole refinery, raising concerns about winter fuel shortages.

The December reprieve allowed NIS to import oil via Croatia, with a deadline set for late March to resolve ownership issues involving Russia's Gazprom entities. With the new grace period extending until February 20, NIS is pursuing a sale deal with Hungary's MOL, potentially easing the strife.

(With inputs from agencies.)