The United States has granted the Serbian oil company NIS an extension of its operating authorization until 20 February, as confirmed by the Office of Foreign Assets Control (OFAC). This temporary license allows NIS to maintain its operations, albeit under a strictly defined and restrictive framework that imposes significant limitations on its activities.
Key stipulations of the renewed authorization require that all transactions conducted under this license remain fully isolated from the US financial system. Furthermore, these transactions must not involve any US-based entities. The scope of permitted activities is confined solely to NIS, ensuring that no other sanctioned companies or individuals gain any indirect benefits from its operations.
The current authorization explicitly prohibits transactions linked to existing US sanctions concerning both Russia and Ukraine, as well as other sanction programs enforced by US authorities. Violations of these conditions could lead to an immediate invalidity of the license. The previous permit was originally set to expire on 23 January, highlighting the urgency behind this recent extension.
This decision follows the submission of a preliminary sale and purchase agreement between Gazprom Neft and Hungary’s MOL, which was deemed a prerequisite for the extension by US officials. The administration has linked NIS’s continued operation to tangible progress towards a change in its ownership structure, indicating that future operational stability may hinge on developments in this area.
