US sanctions against NIS postponed with new special license: Here's for how long

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On September 25, the US Treasury Departmen issued a new special license that postpones US sanctions against NIS (Petroleum Industry of Serbia) until October 1, the company announced today.

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NIS also announced that sufficient quantities of oil derivatives have been secured to supply the Serbian market at this time.

A statement noted that on March 14, NIS submitted a petition to be removed from the Specially Designated Nationals and Blocked Persons List, adding that this is a "complex process."

"Under such conditions, the company is trying to adapt its operations to the new circumstances, and the priorities remain the stability of the domestic oil derivatives market, as well as preserving social stability of employees," NIS stressed.

It is stated that the company has secured sufficient stocks of crude oil for processing, as well as sufficient quantities of petroleum products to supply the market at this time, and that its gas stations are properly supplied with all types of products and ready to meet the needs of consumers.

"The NIS company respects the laws of the Republic of Serbia and other countries in whose markets it operates, and its operations did not contribute to the introduction of sanctions that threaten the company's work and the social stability of more than 13,000 employees," the statement emphasizes.

NIS will continue to regularly inform the public and its employees about all important changes.

Also, NIS continues cooperation with the US Department of the Treasury regarding the submitted petition for its removal from the list, as well as cooperation with shareholders in order to resolve the situation, the statement concluded.

(Telegraf Biznis/Tanjug)