Oil and gas company NIS (BETAPHOTO/EMIL VAS)
Serbia’s oil and gas multinational Naftna Industrija Srbije (NIS) announced on Nov. 19 that it has submitted a new petition to the United States Office of Foreign Assets Control (OFAC) for a special license enabling business operations despite the sanctions the U.S. has levied against the company.
The previous special license NIS was granted on Nov. 14 – and which expires on Feb. 13, 2026 – grants NIS shareholders and other interested parties permission to negotiate changes to NIS ownership structure, the press release stated.
Based on the progress of said talks, NIS has petitioned the OFAC for a new license which would enable the company to operate while negotiations on a sustainable solution are under way.
The U.S. Department of Treasury included NIS on its sanctions list due to the company’s majority Russian ownership in January of this year. Following multiple delays, the measures finally took effect on Oct. 9.
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