Reuters quoted a statement from the Serbian Ministry of Energy on February 4 saying that the NIS had officially submitted an application to the US Treasury Department for a 90-day sanctions exemption.
According to the statement, the Serbian and Hungarian governments both backed the proposal.
"We urgently request that OFAC (the US Office of Foreign Assets Control) consider providing immediate assistance, in the form of a sanctions waiver for at least 90 days, while considering a sustainable solution leading to the lifting of sanctions," the statement stressed.
NIS wants a special license to continue operating while it seeks solutions to adjust its ownership and management structure.
The Serbian Energy Ministry said the Serbian government supports the proposal, as if the sanctions remain in place, the company could face difficulties in supplying oil and petroleum products to the Serbian people.
Currently, Gazprom Neft holds 50% of NIS shares, while Russian oil giant Gazprom controls 6.15%. The Serbian government owns 29.87%, with the rest held by minority shareholders.
NIS is the operator of the only oil refinery in Serbia and is one of the largest contributors to the Serbian state budget.
Earlier, on January 10, Serbian President Aleksandar Vucic announced that Russian companies had 45 days to withdraw from the NIS and that any deal would have to be approved by OFAC. Just days later, Russian Foreign Minister Sergei Lavrov confirmed that Moscow was in talks with Belgrade on the issue.
Serbia relies heavily on Croatia's Janaf pipeline for oil imports, as does Hungary. NIS has signed a contract to transport 10 million tonnes of oil via Croatia from January 1, 2024 to December 31, 2026.
The move to seek a sanctions waiver shows the growing pressure the NIS and the Serbian government are facing as they seek to balance economic interests with sanctions against Russia. It is unclear whether the US will make concessions.
