US postpones sanctions against Serbia's NIS oil company for fourth time, Tanjug agency reports
June 27 (Reuters) - The United States has postponed sanctions against the Russian-owned Serbian oil company NIS (NIIS.BEL), opens new tab for a fourth time, Tanjug news agency reported on Friday.
NIS has so far secured three waivers, the last of which was due to expire later on Friday.
NIS, which is majority-owned by Russia's Gazprom Neft (SIBN.MM), opens new tab and Gazprom (GAZP.MM), opens new tab, operates Serbia's only oil refinery in the town of Pancevo, just outside the capital, Belgrade. The facility has an annual capacity of 4.8 million tons and covers most of the Balkan country's needs.
Sanctions could jeopardise its supplies of crude.
The U.S. Treasury's Office of Foreign Assets Control initially placed sanctions on Russia's oil sector on January 10, and gave Gazprom Neft 45 days to exit ownership of NIS.
On February 26, Gazprom Neft transferred a stake of around 5.15% in NIS to Gazprom in an attempt to ward off sanctions. Gazprom Neft now owns 44.85% of NIS, while Gazprom has 11.3%. The Serbian government owns 29.87%, with the remaining shares held by small shareholders.
NIS imports about 80% of its oil needs through Croatia's pipeline operator Janaf. The remainder is covered by its own crude oil production in Serbia.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Reuters
14 hours ago
- Reuters
Democrat Wyden presses Bessent to commit to US sanctions on Russia
WASHINGTON, June 27 (Reuters) - The top Senate Finance Committee Democrat pressed U.S. Treasury Secretary Scott Bessent on Friday to commit to enforcing Ukraine-related sanctions against Russia and to clarify comments about Russia rejoining an international bank payments network. In a letter to Bessent, Senator Ron Wyden also sought answers on how the U.S.-Ukraine critical minerals deal and investment agreement would help improve Ukraine's post-war security and not benefit any entity or country that aided Russia's war effort. Wyden cited Bessent's comments during his confirmation hearing that he was prepared to strengthen Russian sanctions, including on oil majors, if Trump requested this to help end the Ukraine war, which Bessent called "one of the greatest tragedies of my adult life." "I ask that you reaffirm your commitment to stringently enforce these sanctions and answer questions about how you envision other measures pursued by this administration, including agreements with Ukraine, potentially working in conjunction with these sanctions," Wyden wrote. The Oregon Democrat, who has opposed most of Trump's trade and tax agenda advanced by Bessent, asked the Treasury chief to explain comments he made to Fox News Channel in which he did not rule out bringing Russia back into the SWIFT international banking network. Russia was expelled from the payments messaging system after its invasion of Ukraine in 2022. "Would Treasury allow Russian banks to rejoin SWIFT absent a comprehensive peace agreement with Ukraine that fully addresses Russia's unprovoked invasion of Ukraine?" Wyden asked in a series of questions for Bessent to answer. Wyden also asked whether Bessent would continue the U.S. Treasury's implementation of commitments by G7 leaders to curtail Russia's use of the international financial system to support its war against Ukraine. A Treasury spokesperson did not immediately respond to a request for comment on Wyden's letter.
Reuters
a day ago
- Reuters
Putin: OPEC+ projects rising oil demand, especially in summer
MOSCOW, June 27 (Reuters) - Russian President Vladimir Putin said on Friday the OPEC+ group of leading oil producers including Russia projects rising global demand especially in the summer months, in comments suggesting the bloc may continue with large output hikes. The Organization of the Petroleum Exporting Countries and its allies, led by Russia, shocked oil markets in April by agreeing a bigger-than-expected output rise for May despite weak prices and slowing demand. OPEC+ has since decided to continue with hikes above what was planned. "The volumes of crude oil and oil products consumed in the world are rising due to the growth of the economy itself," Putin said at a televised meeting with reporters. "Production is increasing only in the volume that we agreed upon within the framework of OPEC+, and it is designed for increasing demand, especially in the summer," he said. Putin also addressed Europe's plans to tighten sanctions against Russia, including cutting the price cap for Russian oil to $45 per barrel from $60 per barrel. "The more the sanctions, the worse for those who introduce the sanctions," Putin said, adding it was impossible to "shut down" Russia's oil and that the sanctions will not have a significant impact on Russia. A group of eight OPEC+ countries which include Saudi Arabia, Russia, Kuwait, Iraq, the UAE, Kazakhstan, Oman and Algeria will meet online on July 6 to discuss their production policy.
Reuters
a day ago
- Reuters
Germany considers law reform to block Russian-owned Nord Stream takeover
BERLIN, June 27 (Reuters) - Germany is considering changing its foreign trade law to prevent the company running the Nord Stream 2 pipelines from being taken over, a document showed on Friday, as part of Berlin's efforts to prevent any resumption of Russian gas imports. For decades Germany relied on cheap Russian gas, but since the outbreak of the conflict in Ukraine, it has sought alternatives. German Chancellor Friedrich Merz has said he will ensure Nord Stream 2, which the country once backed, would not go into operation, but for now the country has no legal means to prevent a sale of the assets, owned by Russian giant Gazprom ( opens new tab. The Nord Stream pipeline system comprises two double pipelines across the Baltic Sea to Germany and was the biggest route for Russian gas to enter Europe, capable of delivering 110 billion cubic metres of gas a year. The second link Nord Stream 2 was completed in 2021. It never became operational due to deteriorating relations between Russia and the West and was hit by unexplained explosions in 2022 that left one of its two lines intact. Swiss-based Nord Stream 2 has been going through insolvency procedures that could lead to asset sales. In November, The Wall Street Journal reported that U.S. investor Stephen P. Lynch was attempting to acquire Nord Stream 2, a report the Russian government denied. In a parliamentary response dated June 24, the German Economy Ministry said the government was discussing a possible amendment during this legislative period to the foreign trade law as it does not currently provide for any investment review in the event of a takeover. Der Spiegel magazine first reported the news. Former economy ministry state secretary and Green lawmaker Michael Kellner said the government must close this loophole. "Pipelines in Germany or Europe do not belong in the hands of Russian or American companies," he told Reuters. Gazprom did not reply to a request for comment.
