Russian owners agree to sell shares in Serbia's NIS
The change-of-control depends on an OFAC sanctions-waiver extension tied to negotiations with a third party. Refinery operations are constrained by crude stocks estimated to last only until November 25.
Change
Russian owners have agreed to sell their shares in Serbia’s Naftna Industrija Srbije (NIS).
Why it matters
Russian companies filed a petition with the US Treasury's Office of Foreign Assets Control (OFAC) requesting an extension of a sanctions waiver linked to negotiations with a third party. The petition states the Russian side is ready to relinquish control and influence over NIS to that third party. Serbian Energy Minister Dubravka Djedovic Handanovic posted the development on social media. Officials estimate the refinery can operate only until November 25 without new crude supplies.
Implications
- — Change-of-control depends on OFAC granting a sanctions-waiver extension.
- — Control and influence over NIS are to transfer to a negotiated third party.
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