President Claims U.S. Sanctions against NIS Delayed

Photo: PrintScreen Instagram/buducnostsrbijeav

Serbia’s multinational oil and gas company Naftna Industrija Srbije (NIS) has received a 30-day-reprieve for the sanctions the U.S. has levied against the company, Serbian President Aleksandar Vucic announced on Feb. 27.

Vucic supplemented his statement by presenting the official U.S. Department of Treasury document granting said reprieve, but did not explain what the suspension actually means for NIS or the Serbian public.

The U.S. sanctions were set to take effect on Feb. 27 at 6 a.m. Serbia had previously petitioned the Office of Foreign Asset Control (OFAC) for a 90-day delay.

The reason NIS has found itself on the OFAC sanctions list is the fact that the company is majority owned by Russia via Gazprom and Gazprom Neft.