NIS Granted Another OFAC Licence Till August 27, 2025

On July 28, the US Treasury Department issued a new special license that postponed the entry into force of full sanctions against NIS and allowed the company to continue operating until August 27, 2025 at the latest.

The new license allows NIS to carry out the following activities:

• Conducting business, executing contracts, and other agreements involving NIS or its operating subsidiaries
• Performing all transactions with NIS and its operating subsidiaries that are aimed at fulfillment of contracts
• Disposing of or transferring, or facilitating the disposal or transfer of, debt or equity issued or guaranteed by NIS or its operating subsidiaries (“Covered Debt or Equity”) to a non-U.S. entities
• Official business of diplomatic or consular missions outside the Russian Federation involving NIS or its operating subsidiaries.

NIS would like to thank the Government of the Republic of Serbia and all other domestic and foreign institutions that supported the request submitted to the U.S. Department of the Treasury.

This is the fifth special license granted by the Office of Foreign Assets Control (OFAC) under the United States Department of the Treasury to delay the full implementation of sanctions against NIS. The company recalls that in March it also filed a request to remove NIS from the SDN list (Specially Designated Nationals), which is a complex process. NIS is ready to continue consistent cooperation with the US Department of  Treasury regarding the submitted request to remove the company from the SDN sanctions list. NIS operates in accordance with the laws of the Republic of Serbia and other countries in which it is present, and its operations have not contributed to the introduction of sanctions that threaten the company’s work and the social stability of more than 13,000 employees. NIS will remain focused on the orderly supply of the domestic market with all types of oil products, as well as preserving the social stability of its employees. NIS will promptly communicate to the public all relevant factors that may affect the company’s operations.