"The petition states that the Russian side is ready to give up control and influence over the NIS company to a third party, she said, adding that the Serbian state supported this request. The minister said OFAC has already responded to some comments, and Serbia anticipates that it will know Washington's position as early as this week. Time is running out and a solution has to be found, but the citizens must not suffer and run out of fuel. That won't and shouldn't happen, Djedovic Handanovic wrote."
"NIS is a major provider in the Serbian market, and the Balkan state is trying to ensure continued operations as winter approaches and the US and its European allies ramp up pressure on Russia to end its war with Ukraine. The sanctions on NIS came into effect in early October, leading to banks processing the company's payments and Croatia's JANAF pipeline stopping its deliveries of crude oil. Officials estimate that the refinery can only operate until November 25 without new crude supplies."
Russian owners agreed to sell their shares in Naftna Industrija Srbije (NIS) after Western sanctions. Gazprom Neft holds 44.9% and a Gazprom investment arm holds 11.3%; the Serbian state retains 29.9%. The Russian companies requested an OFAC waiver extension tied to negotiations with a third party, and Serbia supported the request. OFAC has responded to some comments and Washington's decision is expected soon. Officials emphasize that a solution must prevent fuel shortages. Sanctions imposed in early October disrupted payments and halted crude deliveries via Croatia's JANAF pipeline. The refinery can operate only until November 25 without new crude supplies. US sanctions also target Lukoil and Rosneft.
Read at www.aljazeera.com
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