economy
March 20, 2026
US OFAC Extends NIS License Until April 17
While awaiting approval from the U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) for the agreement between Russian company Gazpromneft and Hungarian MOL regarding the sale of a majority stake in the Oil Industry of Serbia (NIS), Serbia's Minister of Mining and Energy announced that OFAC has once again extended the operational license until April 17.
TL;DR
- OFAC has extended NIS's operational license until April 17.
- The Pančevo refinery will continue its operations, ensuring a reliable supply of oil products.
- The extension is important due to rising global oil prices.
- Gazpromneft and MOL are awaiting OFAC approval for the sale of a majority stake in NIS.
- Serbia has banned crude oil and fuel exports until April 2 to stabilize its market.
- Kazakhstan was Serbia's largest crude oil supplier in the past year.