Dušan Bajatović, general director of the state-owned gas company Srbijagas and a member of the government team addressing US sanctions related to Serbian oil company NIS, stated that the recent postponement of full US sanctions implementation has allowed NIS to continue operating without disruption.
Bajatović emphasized that a lasting resolution will require an agreement acceptable to both Russian and US parties to fully remove the threat of penalties. Despite Serbian interest in acquiring NIS, Russian stakeholders have clearly indicated that the company is not for sale. Nevertheless, he noted significant improvements in corporate governance regardless of ownership, highlighting the appointment of Dragutin Matanović as vice-chair of NIS’s board of directors, representing the Serbian Government. This is the first time a Serbian national has held such a prominent position within the company’s management framework.
While it remains unclear whether the US Office of Foreign Assets Control (OFAC) will view this development as sufficient, Bajatović described it as a meaningful step toward improved management relations and a positive gesture from both Russian and Serbian sides. He characterized the sanctions as politically motivated measures aimed at penalizing Russia but reassured the public that NIS’s operations are expected to remain secure in the near term.
Bajatović cautioned that extensions of relief beyond roughly one month are uncertain, as the sanctions are designed to maintain pressure through ongoing uncertainty, making each day a challenge. He expressed expectations of further delays in full sanctions activation and noted that NIS’s storage tanks are currently full, providing an inventory buffer that could sustain operations for six to eight months without causing market disruptions even if direct business activity were affected.
The US Department of the Treasury recently issued a new special license postponing the full enforcement of sanctions on NIS, allowing the company to continue its activities uninterrupted until August 27.
