Serbian oil company has received an OFAC license to continue operations

The Serbian company Oil Industry of Serbia (NIS) has extended the license of the Office of Foreign Assets Control (OFAC) of the U.S. Treasury until January 23. This was announced on December 31 by the Minister of Mining and Energy of Serbia Dubravka Jedovic.

"Dear citizens, great news for our country at the end of the year - I am pleased to inform you that NIS has received a license from the American OFAC to continue operating until January 23," TASS quoted Djedovic as saying.

The politician stressed that the oil refinery in Pancevo will be able to resume work. She noted that the positive decision from OFAC was achieved as a result of intensive diplomatic actions led by Serbian President Aleksandar Vucic.

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Hungarian Minister of Foreign Affairs and Foreign Economic Relations Peter Szijjarto said on November 17 that the Hungarian oil and gas company MOL could get a stake in the Serbian NIS, a buyout would help bring the company out from under US sanctions. The head of the department explained that in Serbia, the majority owner of an oil company is Russian or majority Russian capital, and therefore NIS is subject to US sanctions.

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