Russia ready to facilitate transfer of NIS ownership to a third party

(Patria) - Russian owners of the Petroleum Industry of Serbia (NIS) have decided to relinquish control of the company to a third party, in order to enable the extension of the operating license and prevent the full implementation of US sanctions, Tanjug reports.

As stated, the Russian side submitted an official request to the US Department of the Treasury (OFAC) on November 11, with the support of the state of Serbia. The request highlighted that Russia is ready to:

- renounce its influence and control over NIS,

- facilitate the transfer of ownership to a third party,

- thereby enable NIS to continue operating without the pressure of sanctions.

However, despite this decision by the Russian side, OFAC assessed that approving such transactions would not be in line with US policy, as it would not sufficiently contribute to the goal – the complete cessation of Russian ownership of NIS. Therefore, this part of the request was rejected.