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Minister: Serbia wants to extend the waiver of US sanctions for NIS oil firm

Minister: Serbia wants to extend the waiver of US sanctions for NIS oil firm

Serbia is seeking an extension of 180 days from the United States for a waiver of sanctions for NIS, a Russian-owned Serbian Oil Company.

In a press release, Dubravka Djedovic Handanovic stated that "we have always maintained our position, and we will continue to do so, that sanctions are bad for energy security in Serbia and the surrounding region."

She said that continued sanctions against NIS, which is owned by Russia's Gazprom and Gazprom in majority, would also harm Serbia's economic situation.

NIS has been granted a fourth reprieve that expires on July 29, but the Office of Foreign Assets Control of the U.S. Treasury Treasury initially imposed sanctions on Russia's petroleum sector on 10 January.

The only oil refinery in Serbia is operated by NIS, and its operating license is crucial for the crude oil acquisition at the refinery. According to the Minister, Serbia has committed itself to working with both U.S.A. and Russian partners towards a sustainable solution.

Djedovic handanovic thanked Hungary as well for its support. He stated, "the Hungarian Government has always supported Serbia’s request to renew the license for NIS and we expect that it will do so again this time."

The NIS refinery located in Pancevo (just outside Belgrade) has a capacity of 4.8 millions tons per year and can cover the majority of Balkan countries' needs.

(source: Reuters)