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US Grants Temporary License to Serbian Oil Company NIS Under Russian Control

Published December 31, 2025, 21:04
US Grants Temporary License to Serbian Oil Company NIS Under Russian Control

The US has granted a temporary license to the Serbian oil company NIS, which is controlled by Russian companies, to resume production until January 23rd. The license was issued by the Office of Foreign Assets Control (OFAC) of the US Treasury Department and concerns the operation of the Pancevo refinery, which had been forced to halt operations in early December due to US sanctions. The sanctions were imposed in October, after nine months of postponements, on the grounds that NIS is funding the Russian invasion of Ukraine due to the ownership of its shares by Russian companies. The Pancevo refinery covers approximately 80% of Serbia's fuel needs, making its operating license critical for the country's energy security.