Petroleum Industry of Serbia (NIS): Special license extended until August 27, here's what it means for Serbia

Photo: Shutterstock

The US Treasury Department issued a new special license on Monday, that postpones the full implementation of sanctions against Petroleum Industry of Serbia (NIS) and allows the company to continue operating until August 27.

Recommended

According to a NIS press release, the new license allows NIS to maintain operations, contracts, and other agreements involving NIS or its operating subsidiaries, as well as execution of all transactions with NIS and its operating subsidiaries, which are aimed at the fulfillment of the contract.

NIS is further able to dispose or transfer, or facilitate the disposal or transfer of debt or equity issued or guaranteed by NIS or its operating subsidiaries ("Covered Debt or Equity") to a non-US person, and conduct official affairs of diplomatic or consular missions outside the Russian Federation involving NIS or its operating subsidiaries.

NIS expressed its gratitude to the Government of Serbia and all other domestic and foreign institutions that supported the request sent to the US Treasury Department.

The company noted that this is the fifth special license issued by the US Office of Foreign Assets Control (OFAC), and that in March, it also submitted a request for the removal of NIS from the SDN (Specially Designated Nationals) list.

NIS said it is ready for the continuation of consistent cooperation with the US Treasury Department regarding the submitted request for the removal of the company from the SDN sanctions list.

The company added that it operates in accordance with the laws of the Republic of Serbia and other countries in which it is present, and through its business operations, it has not contributed to the imposition of sanctions that jeopardize its operations and the social stability of more than 13,000 employees.

In the coming period, NIS will remain focused on properly supplying the domestic market with all types of oil derivatives, as well as preserving the social stability of employees. NIS will continue to inform the public in a timely manner about all relevant factors that may affect the company's operations, the statement concluded.

(Telegraf.rs/Tanjug)