Published by Global Banking & Finance Review®
Posted on July 24, 2025
2 min readLast updated: March 1, 2026
Add as preferred source on GoogleSerbia seeks a 180-day extension on US sanctions waiver for NIS, vital for its energy security and economic stability.
(Reuters) -Serbia has sought an extension from the United States on a sanctions waiver for Russian-owned Serbian oil company NIS 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 and Gazprom, 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.
(Reporting by Antonis Pothitos; Editing by Susan Fenton)
Serbia is seeking a 180-day extension on a sanctions waiver for the Russian-owned oil company NIS.
The Serbian mining and energy minister stated that continued sanctions would negatively impact Serbia's economy.
NIS operates Serbia's only oil refinery, which is crucial for crude oil procurement and meets most of the country's energy needs.
Hungary has consistently supported Serbia's requests to extend the license for NIS, according to the Serbian minister.
The U.S. Treasury's Office of Foreign Assets Control initially imposed sanctions on NIS, which has received multiple extensions, with the latest set to expire soon.
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