OFAC NIS license deadline July 1

The U.S. Office of Foreign Assets Control (OFAC) extended its sanctions license for Serbia's Naftna Industrija Srbije (NIS) until July 1, following earlier negotiations between Serbian President Aleksandar Vucic and U.S. officials. With the deadline approaching, speculation is growing over whether OFAC will grant another extension or allow the license to lapse. The outcome will impact Serbia's energy sector and its relations with both the U.S. and Russia, given NIS's majority ownership by Russian state-owned Gazprom Neft.