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The United States government has extended a temporary license granted to Serbian oil company NIS, which is under sanctions due to majority Russian ownership, until February 20th, 2026. This extension allows NIS to continue operations, particularly at its refinery – the only one in Serbia – adn avoid disruptions to the countryS fuel supply.
Sanctions and the Need for a sale
NIS has been targeted by U.S.sanctions as part of broader measures against the Russian energy sector following Russia’s invasion of Ukraine. The sanctions require Gazprom and its subsidiary, Intelligence, which collectively own 56% of NIS, to divest their shares. The U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) is overseeing this process.
The sanctions aim to limit Russia’s ability to finance the war in Ukraine by restricting its energy revenue streams