Vučić: NIS refinery in warm circulation mode, awaiting US government decision

(Patria) - Serbian President Aleksandar Vučić stated at today's press conference that the NIS refinery is in a technological process of warm circulation, in a kind of silent mode.

"It has not yet been closed and shut down and is in a lower operating mode system. We have four more days until the complete shutdown of the Refinery if a license is not approved by OFAC, or by the US government," said Vučić.

He said that the National Bank of Serbia, as well as all commercial banks that work with NIS, have received a warning that they could become subject to sanctions.

"By doing so, we are endangering our central bank and commercial banks - this means that there could be a complete suspension of payment transactions and services to the population, the cessation of payment card functioning, the cessation of issuing loans and other services," he said.

He stated that he received verbal assurances from the Americans that there would be no such sanctions for the National Bank and commercial banks.

"And as you can see, that verbal agreement has worked and will certainly work today and tomorrow, so there is no danger, until the moment the US announces whether they have rejected or accepted it," he stated.

He emphasized that they had hoped to get a work permit and a license, but they concluded that the American side wants to see, hear, and receive more information before they can consider and possibly make a positive decision on issuing a work license for the next period of 45 or 60 days.

"We will not be able to change anything today or tomorrow. If Thursday comes, the refinery will stop. We will discuss the consequences. The consequences are such that we need experts – I tell you, it takes 14 days to restart operations. And, of course, it's always more than that. Count on 20 or more days, which means it is certain that the refinery will not operate until the New Year, and the question is how it will be afterwards," Vučić pointed out.