kyivpost.com<https://www.kyivpost.com/post/68293> Serbia Given Break on Oil Sanctions While Russians Look to Sell Off Refinery Stake Kyiv Post ~4 minutes ________________________________
Thanks to temporarily relaxed US sanctions, Serbia’s sole oil refinery, majority owned by Russia’s second-largest energy company, resumed operations on Sunday this week as the publicly owned Naftna Industrija Srbije (NIS) seeks bids for new ownership. NIS has obtained a license from the US Office of Foreign Assets Control (OFAC) allowing it to continue operations until Jan. 23, as well as a license to negotiate the sale until March 24. JOIN US ON TELEGRAM Follow our coverage of the war on the @Kyivpost_official<https://t.me/Kyivpost_official>. “After almost two months’ break, today the production of oil derivatives in the Pancevo refinery has started,” Serbian Energy Minister Dubravka Djedovic Handanovic posted to social media. She said she is “proud that we have fulfilled the promise to the citizens” that there will be no consequences to NIS due to sanctions. The refinery supplies around 80 percent of Serbia’s energy needs. On Dec. 31, the US granted NIS a temporary sanctions reprieve from sanctions imposed on it due to Moscow-controlled Gazprom’s then-majority stake. It now owns about 45 percent, and the Serbian government has a 30 percent holding. The sanctions on NIS were initially imposed by the administration of President Donald Trump on Oct. 9, finally making good on its tough talk on Moscow’s energy revenues from Serbia it had postposed for weeks. At the end of 2023, nearly two years after Moscow’s full-scale invasion of Ukraine resulted in sanctions from Europe and North America, the mostly state owned oil giant posed its first annual loss in 23 years. But last year, Gazprom once again booked an annual profit, with revenues worth $14.8 billion. <https://www.kyivpost.com/post/68306> -- http:www.antic.org --- You received this message because you are subscribed to the Google Groups "SERBIAN NEWS NETWORK" group. To unsubscribe from this group and stop receiving emails from it, send an email to [email protected]. To view this discussion visit https://groups.google.com/d/msgid/senet/PH0PR13MB54462824FEA69B93C5913E6FAE88A%40PH0PR13MB5446.namprd13.prod.outlook.com.
