Serbia's Oil Lifeline: U.S. Treasury Extends Waiver for Russian-Owned NIS

The U.S. Treasury Department extended a sanctions waiver for Serbia's NIS until March 20, allowing crude oil imports. OFAC had sanctioned NIS in October over Russia's war in Ukraine. MOL agreed to buy stakes from Gazprom. Serbia's energy minister seeks solutions in upcoming U.S. negotiations.

The U.S. Treasury Department has announced an extension of the sanctions waiver on Serbia's Russian-owned oil company, NIS, giving the Balkan nation until March 20 to continue importing crude oil. This comes amid broader efforts by the Office of Foreign Assets Control to sanction Russia's energy sector due to the ongoing conflict in Ukraine.

Serbia's Energy Minister, Dubravka Djedovic Handanovic, confirmed the extension, emphasizing that NIS would maintain its supply of crude oil products in the market. The deadline aligns with previous measures set by OFAC, which had given NIS time to address its majority Russian ownership.

In a related development, Hungarian energy firm MOL has signed an agreement to purchase Russian stakes in NIS. Concurrently, the Serbian government is negotiating solutions with the U.S., with plans for meetings next week to enhance their position amid the sanctions.