The United States has postponed sanctions on the Serbian Oil Industry (NIS) for another 30 days, with the new deadline set for April 28, 2025. This is the second extension of the sanctions, initially set to be enforced on February 28, then postponed to March 28, before being delayed once again.
The US Treasury Department issued a special license that allows NIS to continue operations, fulfill contracts, and engage in transactions involving its subsidiaries. This includes the possibility to transfer or sell debt or capital related to NIS to non-US entities.
Financial analyst Nenad Gujaničić believes the delay is part of broader geopolitical negotiations between the US and Russia, offering hope that Serbia may eventually find a solution regarding the sanctions. He notes that the issue of NIS is not a primary concern for either the Russian or US administrations, but energy-related discussions in Europe may bring it to the forefront.
NIS’s ownership structure was recently adjusted, with Gazprom Neft transferring part of its shares to Gazprom, which is not subject to sanctions. This change has resulted in Gazprom Neft holding around 45% of NIS shares, with Gazprom holding over 11%, Serbia owning 30%, and the remainder held by small shareholders.
While the sanctions have caused some customers to switch suppliers, the exact outcome of the negotiations remains uncertain. Economists like Milan Kovačević suggest the US is using this time to align its interests in Serbia and monitor the situation with the war in Ukraine.
