Croatian state-owned oil transportation company JANAF, operator of the namesake oil pipeline, has requested approval from the US Office of Foreign Assets Control (OFAC) to continue fulfilling its contract with Serbian oil company NIS, which is currently under international sanctions.
JANAF Board Member Vladislav Veselica confirmed that the company has formally asked US authorities for permission to transport crude oil for NIS through the end of 2026, in line with the terms of their existing contract.
Earlier this month, the US Department of the Treasury’s Office of Foreign Assets Control imposed sanctions on NIS, Serbia’s only oil refiner, which is majority-owned by Russian company GazpromNeft. This move represents one of the strongest actions taken against Russia’s oil sector to date.
Serbia has until February 25 to negotiate a potential solution for NIS, with an additional 15 days to arrange payment if a buyer is found for the company. For JANAF, NIS is a crucial client, with a contract in place to transport 10 million tons of crude oil over the next three years, through 2026.
In December, Croatian Prime Minister Andrej Plenkovic indicated that EU leaders would work to find a solution to assist Serbia in navigating the issue of international sanctions while maintaining the existing contract between JANAF and NIS.
GazpromNeft, a subsidiary of Russia’s Gazprom, holds a 50% stake in NIS. Gazprom itself owns an additional 6.15%, while the Serbian government controls just under 30%.
