Vučić discussed with Putin the situation around NIS, which is under US sanctions
The President of Serbia expressed hope for a solution to the problem of the “Oil Industry of Serbia”
Quick Look
- Serbian President Aleksandar Vucic discussed with Vladimir Putin the situation around the Oil Industry of Serbia (NIS) company, which is under US sanctions.
- NIS requested a license renewal from the US Treasury after September 30, and Serbia signed a management agreement with the Hungarian MOL.
AI-generated summary
Why It Matters
NIS is under US sanctions and is majority owned by Gazprom Neft.
Brief retelling from RIA II
Serbian President Aleksandar Vucic, in a telephone conversation with Vladimir Putin, expressed hope that the situation with the Oil Industry of Serbia (NIS), which is under US sanctions, will be resolved.
The Russian-Serbian company NIS has asked the US Treasury to extend its operating license after September 30.
The Serbian authorities signed an agreement with the Hungarian oil and gas company MOL on the management of NIS in the event of the sale of a controlling stake to the Hungarian side by Gazprom Neft.
BELGRADE, September 26 – RIA Novosti. Serbian President Aleksandar Vucic said that in a telephone conversation with Russian leader Vladimir Putin, he expressed the hope that the resolution of the situation of the Russian-Serbian Oil Industry of Serbia (NIS) under US sanctions would suit both sides.
"
“We (Putin and I - ed.) talked about the NIS issue with the hope of a solution that suits both sides,” Vucic wrote on Instagram*.
The Russian-Serbian company, under US sanctions, on Thursday asked the US Treasury to extend its operating license beyond September 30, when the previous license expires.
Serbian Minister of Mining and Energy Dubravka Djedovic-Handanovic confirmed earlier that the US Treasury Office of Foreign Assets Control (OFAC) has extended the deadline for the sale of a controlling stake of 56.15% of Gazprom Neft shares to the Russian-Serbian NIS to the Hungarian oil and gas company MOL. OFAC also extended NIS's operating license until September 30.
The Serbian authorities previously signed an agreement with the Hungarian oil and gas company MOL on the management of NIS in the event that Gazprom Neft sells a controlling stake of 56.15% to the Hungarian side and the transaction is approved by the US Treasury. According to the agreement, the Serbian government will buy an additional 5% stake in NIS, the oil refinery will operate for at least ten years at the production volumes of the last four years before the imposition of sanctions - from 3.5 to 4 million tons of petroleum products per year.
What to Watch
AI outlook — possibilities, not facts
US Treasury decision on NIS license after September 30
Likely · Within days
Open Questions
- Will the US Treasury approve the deal with the Hungarian MOL?
- Will the NIS license be renewed after September 30?
