US temporarily suspends sanctions on Serbia’s NIS oil company
The U.S. Department of the Treasury has suspended sanctions on Serbia’s NIS oil company for 30 days, the country’s President Aleksandar Vucic announced on Thursday.
"We have gotten an additional 30 days for NIS. One good news for citizens of Serbia," Vucic wrote in a post on Instagram, News.Az reports, citing foreign media.
The sanctions were set to come into effect at 6 am CET on Thursday.
Vucic attached to the post a document from the U.S. Treasury which appear to indicate a delay until March 28.
The U.S. Treasury announced sanctions against NIS on January 10 as part of broader measures against Russia's energy sector, citing its control by Russian oil giant Gazprom Neft.
When the sanctions were announced, Gazprom Neft held a 50% stake in NIS, while its parent Gazprom had a 6.15% stake.
On Wednesday, however, Gazprom Neft transferred a 5.15% stake in NIS to Gazprom, lowering its ownership in the company to 44.85%. Gazprom was not targeted by the sanctions.
Serbia's government is the second largest shareholder in NIS with 29.87%.
Gazprom Neft acquired a majority stake in NIS in 2008 and later raised the ownership to 56.15%. In 2022, Gazprom Neft transferred a 6.15% stake in NIS to Gazprom reportedly in an effort to avoid sanctions imposed by the European Union after Russia's invasion of Ukraine.
After the U.S. sanctions against NIS were announced, Vucic said that the U.S. wants Russia to completely exit NIS.
Earlier this month, NIS requested the U.S. Office of Foreign Assets Control (OFAC) to delay the introduction of sanctions against the company by at least 90 days.
Similar news
