NIS Seeks U.S. Licence Amidst Sanctions Uncertainty

Serbia's Russian-owned oil company, NIS, has applied for a new U.S. licence to continue operations after its current one expires in June. The move comes amidst U.S. sanctions due to its Russian ownership, and ongoing negotiations for Hungarian company MOL to purchase Gazprom Neft's stake.

Serbia's oil company, NIS, now Russian-owned, is seeking a new U.S. licence to keep its operations running past June 16, upon the expiry of its current licence. This request comes as part of its strategic moves under U.S. sanctions, following Russia's incursion into Ukraine.

NIS, in its appeal to the U.S. Treasury's Office of Foreign Assets Control, emphasized the company's role in the stable supply of oil to Serbia's domestic market. The company also pointed out ongoing negotiations to alter its ownership to comply with international demands.

The Office of Foreign Assets Control granted a deadline extension to Hungarian firm MOL, allowing it until June 16 to finalize negotiations for acquiring the 56.16% stake in NIS currently held by Gazprom Neft, while Serbia maintains a 29.9% share.