Serbia’s largest oil producer was given another 30-day reprieve from sanctions by the United States, the sixth deferral for the majority Russian-owned firm, Serbia’s energy minister said Wednesday.
The operator of the country’s only oil refinery, the Serbian Oil Industry (NIS), has received numerous delays to the sanctions since the measures were announced as part of Washington’s crackdown on the Russian energy sector.
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“It has been ensured that the refinery has sufficient crude oil to continue operating. We thank the US administration for its understanding,” Serbian Energy Minister Dubravka Djedovic Handanovic said.
The sanctions have now been delayed until Sept. 26, according to the ministry.
Majority-owned by energy giant Gazprom, the company has successfully negotiated six extensions to avoid a broad package of sanctions originally due to take effect in February.
If implemented, these sanctions would require the complete withdrawal of Russian interests and the sale of their shares – or nationalization.
Introduced by former US President Joe Biden, the measure was aimed at stemming the profits from the lucrative sector to Moscow following its invasion of Ukraine.
Serbia has maintained a close relationship with Russia since the invasion and refuses to impose sanctions, unlike the European Union, which it hopes to join.
Serbia relies heavily on Russian gas supplies, provided by NIS.
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The contract between Belgrade and Moscow, signed in spring 2022, was due to expire at the end of May. It has been extended until the end of September.
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