Serbian oil company NIS has asked the US Treasury Department’s Office of Foreign Assets Control (OFAC) for a new special authorization to keep its operations running beyond 16 June, when its current waiver is due to expire. The request is intended to secure continuity of business activities past the sanctions deadline. The filing also links the timing of the application to an ongoing process involving NIS’ future operating permissions.
Fuel supply and market continuity cited in NIS submission
In its submission, NIS emphasized the need for uninterrupted business activities and highlighted its role in fuel supply for the Serbian market. The company also referenced volatility in global energy markets, stating that operational continuity is necessary for market stability and energy security. NIS’ application therefore ties the extension request to maintaining supply continuity during the period leading up to the waiver expiry.
Ownership talks and prior OFAC extensions
NIS said it has made progress in discussions concerning potential changes to its ownership structure. The company noted that negotiations have been a key factor behind several previous extensions granted by OFAC, as stakeholders work toward a long-term solution addressing sanctions-related concerns. The latest application was filed as these ownership discussions move into a decisive phase.
MOL approval and monitoring of OFAC decision
Earlier this month, Hungarian energy group MOL received approval from US authorities to continue negotiations related to a potential acquisition until 16 June. That approval provides additional time for transaction documentation and final details to be completed. With both the operating waiver request and ownership talks approaching critical deadlines, market participants are monitoring OFAC’s upcoming decision regarding NIS.
The outcome could affect the future of NIS and the broader Serbian energy sector as OFAC reviews the extension request tied to sanctions compliance timelines.
