Serbian President Aleksandar Vučić announced that the U.S. sanctions on the country’s oil industry have been postponed for another 30 days.
“We succeeded! We have received an additional 30-day delay for sanctions on NIS. Thank you to all the people in Serbia who fought for this, and thanks to our American partners for their understanding. We have preserved stability and are returning Serbia to the path of success,” Vučić posted on Instagram.
To recap, the Oil Industry of Serbia (NIS) was placed under sanctions due to its majority ownership by Russian companies Gazprom Neft and Gazprom. While a new owner is being sought to take over the Russian stakes, the U.S. Office of Foreign Assets Control (OFAC) has granted a 30-day license on several occasions for the continued transport of crude oil to the Pančevo refinery via the Croatian company Janaf.
Through Janaf, oil reaches Serbia, and recently, Croatian Minister of Economy Ante Šušnjar proposed the idea of Janaf buying out the Russian stakes in NIS.
“Janaf’s loss of business with NIS would mean losing a significant portion of revenue and increasing costs due to the storage of oil that could no longer be transported,” he said on Wednesday, adding that the government, Janaf, and NIS are working to ensure this does not happen.
When asked how Janaf could acquire a stake in NIS, Šušnjar explained that he proposed it based on the economic interdependence of the two entities.
In the event of a potential ownership stake, Janaf would not aim to become the dominant partner, as retail markets are not a primary focus for the company, he emphasized. He added that Croatia’s message was mainly to protect Janaf’s interests, but that no response has yet been received from Serbia.
