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Reuters
2 hours ago
- Business
- Reuters
Serbia secures fifth postponement of US sanctions against NIS oil firm
BELGRADE, July 28 (Reuters) - Serbia has secured a fifth postponement of planned U.S. sanctions against Russian-owned oil firm NIS ( opens new tab, which operates the country's only oil refinery, Serbian Energy Minister Dubravka Djedovic Handanovic said on Monday. The postponement would be a month long, and a longer extension was not possible, she said in a written statement. "Our top priority is to maintain a stable supply of oil derivatives, and ... to remove NIS from OFAC sanctions list. The most important factor for that is progress in the dialogue between the U.S. and Russia," Djedovic Handanovic said. 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. The U.S. Treasury Department did not immediately respond to requests for comment. On Thursday, Belgrade sought an additional 180-day postponement from the U.S. NIS - in which Gazprom Neft ( opens new tab owns a 44.9% stake, Gazprom ( opens new tab 11.3%, and the Serbian government 29.9% - operates Serbia's sole refinery, in the town of Pancevo, just outside 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. Serbia sold a 51% stake in NIS to Gazprom in 2008 for 400 million euros ($464 million). On February 26, Gazprom Neft transferred a stake of around 5.15% in NIS to Gazprom in an attempt to ward off sanctions. NIS imports about 80% of its oil needs through Croatia's pipeline operator Janaf. The remainder is covered by its crude oil production in Serbia.
Reuters
5 days ago
- Business
- Reuters
Serbia seeks extension of US sanctions waiver for oil firm NIS, minister says
July 24 (Reuters) - Serbia has sought an extension from the United States on a sanctions waiver for Russian-owned Serbian oil company NIS ( opens new tab for an additional 180 days, Serbia's mining and energy minister said on Thursday. "In the past month, as well as in the entire period since January when U.S. sanctions against NIS were first announced, we have consistently defended our position that sanctions would be very bad for the energy security of Serbia and the region," Dubravka Djedovic Handanovic said in a statement. Continued sanctions on NIS, which is majority-owned by Russia's Gazprom Neft ( opens new tab and Gazprom ( opens new tab, would also hurt Serbia's economy, he said. The U.S. Treasury's Office of Foreign Assets Control (OFAC) initially placed sanctions on Russia's oil sector on January 10, with NIS having so far secured a fourth reprieve, which is due to expire on July 29. NIS operates Serbia's only oil refinery and the company's operating license is critical for crude oil procurement at the refinery, the minister said, stressing Serbia's commitment to working with its U.S. and Russian partners for a sustainable solution. Djedovic Handanovic also thanked Hungary for its support, stating, "the Hungarian government has always supported Serbia's request to extend the license for NIS, and we expect it to do so this time as well." NIS's refinery in the town of Pancevo, just outside Belgrade, has an annual capacity of 4.8 million tons and covers most of the Balkan country's needs.
Yahoo
14-07-2025
- Business
- Yahoo
Serbia seeks fifth US sanctions waiver for Russian-owned oil firm NIS, minister says
BELGRADE (Reuters) -Talks between Belgrade and the United States over postponing sanctions against Russian-owned Serbian oil company NIS for a fifth time have been marred with difficulties, Serbian mining and energy minister Dubravka Djedovic Handanovic said on Monday. NIS has so far secured a fourth reprieve, which is due to expire on July 29, putting Serbia in a precarious position as it tries to balance its energy security against geopolitical pressures. "Negotiations are quite tough, because we are in an unenviable situation between two great powers, Russia and America," Djedovic Handanovic said in a live broadcast on Serbia's state RTS TV. NIS, majority-owned by Russia's Gazprom Neft and Gazprom, operates Serbia's only oil refinery covering much of its needs, and sanctions could jeopardise its crude supply. The facility has an annual capacity of 4.8 million tons. 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. The U.S. Department of the Treasury did not immediately respond to a request for comment on the talks. "We will be striving with all available means to continue the dialogue with both sides ... to protect our position," she said. 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.
Time of India
14-07-2025
- Business
- Time of India
Serbia seeks fifth US sanctions waiver for Russian-owned oil firm NIS
Talks between Belgrade and the United States over postponing sanctions against Russian-owned Serbian oil company NIS for a fifth time have been marred with difficulties, Serbian mining and energy minister Dubravka Djedovic Handanovic said on Monday. NIS has so far secured a fourth reprieve, which is due to expire on July 29, putting Serbia in a precarious position as it tries to balance its energy security against geopolitical pressures. "Negotiations are quite tough, because we are in an unenviable situation between two great powers, Russia and America," Djedovic Handanovic said in a live broadcast on Serbia's state RTS TV. NIS, majority-owned by Russia's Gazprom Neft and Gazprom, operates Serbia's only oil refinery covering much of its needs, and sanctions could jeopardise its crude supply. The facility has an annual capacity of 4.8 million tons. The US 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. The US Department of the Treasury did not immediately respond to a request for comment on the talks. "We will be striving with all available means to continue the dialogue with both sides ... to protect our position," she said. On February 26, Gazprom Neft transferred a stake of around 5.15 per cent in NIS to Gazprom in an attempt to ward off sanctions. Gazprom Neft now owns 44.85 per cent of NIS, while Gazprom has 11.3 per cent. The Serbian government owns 29.87 per cent, with the remaining shares held by small shareholders. NIS imports about 80 per cent of its oil needs through Croatia's pipeline operator Janaf. The remainder is covered by its own crude oil production in Serbia.
Reuters
14-07-2025
- Business
- Reuters
Serbia seeks fifth US sanctions waiver for Russian-owned oil firm NIS, minister says
BELGRADE, July 14 (Reuters) - Talks between Belgrade and the United States over postponing sanctions against Russian-owned Serbian oil company NIS for a fifth time have been marred with difficulties, Serbian mining and energy minister Dubravka Djedovic Handanovic said on Monday. NIS ( opens new tab has so far secured a fourth reprieve, which is due to expire on July 29, putting Serbia in a precarious position as it tries to balance its energy security against geopolitical pressures. "Negotiations are quite tough, because we are in an unenviable situation between two great powers, Russia and America," Djedovic Handanovic said in a live broadcast on Serbia's state RTS TV. NIS, majority-owned by Russia's Gazprom Neft ( opens new tab and Gazprom ( opens new tab, operates Serbia's only oil refinery covering much of its needs, and sanctions could jeopardise its crude supply. The facility has an annual capacity of 4.8 million tons. 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. The U.S. Department of the Treasury did not immediately respond to a request for comment on the talks. "We will be striving with all available means to continue the dialogue with both sides ... to protect our position," she said. 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.
