"US sanctions on Serbia's majority-Russian-owned Petroleum Industry of Serbia (NIS) oil company, which operates the country's sole refinery, have taken effect after months of delay. After the sanctions came into force on Thursday morning, NIS said it had not yet been granted an extension of the special licence from the United States Department of the Treasury."
"Serbia almost entirely depends on Russian gas and oil supplies, which it receives mainly through pipelines in Croatia and other neighbouring states. The fuels are then distributed by NIS, which is majority-owned by Russia's state oil monopoly Gazprom Neft. The US sanctioned NIS in January as part of its crackdown on the Russian energy sector following Moscow's invasion of Ukraine in 2022."
"The company said it has sufficient crude oil reserves for processing at this time, while petrol stations are fully supplied with all types of petroleum products. President Aleksandar Vucic warned on Monday that the sanctions would have a serious impact and hit the banking sector first. There is no bank in the world that would risk violating US sanctions, Vucic said. NIS confirmed it expects foreign payment cards to cease functioning, with petrol stations accepting only Serbia's domestic card or cash."
US sanctions on the Petroleum Industry of Serbia (NIS), majority-owned by Russia's Gazprom Neft and operator of Serbia's only refinery, have taken effect after months of delay. NIS reported it has not yet received an extension of a US Treasury special licence and is engaging with the Treasury to seek removal from the sanctions list. Serbia relies almost entirely on Russian gas and oil delivered mainly via pipelines through neighbouring states, with NIS distributing fuels domestically. NIS says it has sufficient crude reserves and petrol stations remain supplied, but expects foreign payment cards to stop working, forcing use of domestic cards or cash. President Aleksandar Vucic warned the sanctions will seriously affect the banking sector.
Read at www.aljazeera.com
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