Serbian oil company NIS has formally requested another extension of its operating authorization from the US Treasury’s Office of Foreign Assets Control (OFAC), as the current one-month waiver is set to expire on 27 August. The company has already received five consecutive renewals, each allowing it to continue daily operations while US authorities assess the situation. In March, NIS also filed a request to be removed from the US sanctions list.
NIS remains exposed to US sanctions because its majority shareholder is Russian GazpromNeft, placing the Serbian refiner under Russia-related restrictions. OFAC can issue time-limited general or specific licenses in cases where an abrupt halt could disrupt regional fuel markets or banking flows. The repeated short-term extensions fall into this category, ensuring operational continuity while policy and compliance reviews continue.
If Washington refuses to extend the license, immediate consequences could include restrictions on transactions with US persons, limited access to dollar clearing, and difficulties obtaining shipping, insurance, and certain technologies from Western providers. This could affect crude oil procurement and product exports, increase financing costs, and require a shift toward non-dollar settlements or alternative service providers.
Conversely, another extension would maintain the current operating framework but would not eliminate the underlying uncertainty. For this reason, NIS has sought a longer-term solution through its delisting request, while Serbian officials have stressed the importance of energy supply security and market stability in discussions with international partners.
