site.btaSerbia's NIS Oil Company Seeks Sixth Sanctions Waiver from US

Serbian oil company Naftna Industrija Srbije (NIS), majority-owned by Russian Gazprom, has formally requested a sixth sanctions waiver from the United States, public broadcaster RTS said on Friday.

NIS has obtained five waivers to date, with the fifth waiver expiring on August 27.

The company was added to the sanctions list in early January due to its association with Russia's Gazprom Neft, which is subject to Western sanctions following Russia's invasion of Ukraine. According to Reuters, Gazprom Neft, a subsidiary of Gazprom, was given 45 days by the US Treasury to divest its ownership in NIS. 

Gazprom Neft owns 44.85% of NIS, while Gazprom has 11.3%. The Serbian government owns 29.87%, with small shareholders accounting for the rest.

On February 26, Gazprom Neft transferred approximately 5.15% of its stake in NIS to Gazprom in an effort to avoid sanctions.

In March, NIS filed a formal request with Washington to be removed from the list of sanctioned entities, but the request has not been approved.

NIS operates Serbia's only oil refinery, located in Pancevo near Belgrade. The refinery has an annual capacity of 4.8 million tonnes and supplies the majority of the country's oil needs.

In 2008, Serbia sold a 51% stake in NIS to Gazprom for EUR 400 million.