US Treasury extends Serbia’s NIS license for another month

The U.S. Treasury Department has extended a temporary license allowing Serbia’s Oil Industry (NIS) to continue operating until September 30, Serbia’s Ministry of Mining and Energy said.

NIS, a Russian-Serbian company, had asked the U.S. Treasury Department on August 22 to extend its authorisation to conduct business. The Office of Foreign Assets Control (OFAC) had previously authorised the company to continue operating and to pursue the sale of its 56.15% controlling stake through August 28.

“OFAC has issued a new license for NIS’s operational activities until September 30,” the ministry said.

The extension gives NIS another month to continue its operations while the company’s ownership situation remains unresolved.

By Tamilla Hasanova