Serbia has formally requested the US to delay sanctions on its Russian-owned oil company, Naftna Industrija Srbije (NIS), for a minimum of 90 days, citing concerns over the company’s critical role in regional energy stability.

Serbia's Minister of Mining and Energy Dubravka Dedovic Handanovic confirmed on February 4 that NIS had submitted the request to the US Department of the Treasury's Office of Foreign Assets Control (OFAC). The request seeks special licences to allow NIS to continue its operations while Serbia works towards resolving issues surrounding the company’s ownership structure and management.

"NIS is of paramount importance for Serbia and the region, and we are urgently requesting that OFAC grant a delay of sanctions for at least 90 days," Dedovic Handanovic stated. "This would allow time for a sustainable solution that could lead to the lifting of the sanctions."

The Serbian government has expressed strong support for the request, stressing that sanctions would significantly disrupt the company's ability to supply oil and derivatives to Serbian citizens. NIS plays a crucial role in the energy sector, and its continued operation is vital to both national and regional economic stability.

"Given the importance of NIS for energy security, we hope OFAC will consider our request for an immediate postponement of the sanctions," Dedovic Handanovic added. "We have full confidence that a constructive dialogue will help prevent any negative impact on the energy stability of Serbia and the broader region."

The minister said that sanctions would not affect Serbia's citizens, as US officials repeatedly claim that their measures are not aimed at the country. Serbia’s government has assured NIS employees and the public that the leadership is committed to protecting the nation's interests.

“We are confident that our government will continue to safeguard the interests of Serbia, as it has in the past,” said Dedovic Handanovic. “The energy stability of Serbia and the region remains a priority, and we are hopeful for a positive outcome from continued discussions with US authorities.”

The delay request comes as Serbia works to find an acceptable solution to the ownership and management issues that have led to the potential sanctions against NIS, which has significant regional and strategic importance in energy distribution.

NIS is majority owned by Russia’s Gazprom and Gazprom Neft, with the Serbian government holding a minority share. The latest US sanctions against Russian energy, announced on January 10, require that NIS remove Gazprom’s stake within 45 days.