US aims to avoid harming Serbia with NIS license extensions, says official

The extension of operating licenses for Serbia's Naftna Industrija Srbije (NIS) by the U.S. Office of Foreign Assets Control (OFAC) demonstrates an effort to avoid damaging Serbia, according to Vojislav Vuletić, president of the Gas Association of Serbia.

“

With the extension of NIS's operating deadlines, America does not want to harm Serbia.

Vuletić explained that while the U.S. and Europe aim to sanction Russia by impacting NIS, their ultimate goal is not to harm Serbia. He pointed to the improving relations between the U.S. and Serbia as a reason for the latest delay in sanctions against NIS, which is majority-owned by Russian companies Gazprom and Gazprom Neft.

“

The case around NIS can be viewed from two sides. On one hand, the Americans want, in agreement with Europe, to somehow damage Russia with sanctions against NIS, so that its oil industry cannot function properly, however, the ultimate goal would be damage to Serbia.

OFAC recently extended special permits for NIS, granting Hungarian company MOL 30 days to negotiate the purchase of the majority Russian stake and allowing Croatian company JANAF to continue supplying crude oil to NIS's refinery in Pančevo. These extensions, effective until July 31, come as previous approvals expired on July 1.

“

The USA and Serbia have increasingly better relations, so with the last postponement of the deadline for Russian companies Gazprom and Gazprom Neft to exit the majority ownership in NIS, they want to show that they will not cause damage to Serbia.

Vuletić emphasized NIS's importance to Serbia's budget, contributing 10-12%, and warned that a shutdown of the Pančevo refinery would be a significant economic blow. He expressed optimism that a resolution will be found, noting that deadlines have been extended multiple times since sanctions were first introduced in October 2025. He also touched upon the complex geopolitical factors, including Hungary's government and the broader energy landscape, influencing the situation.

“

America is somehow trying to find a solution where all three sides will be satisfied, especially Serbia, for whom NIS is very important because its revenues fill 10-12 percent of the budget, and if Petrohemija stops, especially the refinery in Pančevo, it would be a great damage to Serbia.