Dušan Bajatović, General Director of Srbijagas, shared that negotiations between the Serbian Oil Industry (NIS) and the US Office for Asset Management Abroad (OFAK) are ongoing, with a decision expected soon. The talks, which began the previous day, will determine how NIS can continue operations, particularly in light of potential sanctions.
Bajatović emphasized that OFAK has significant discretionary powers in handling the situation, and NIS, supported by the Serbian and Hungarian governments, has reached out to the regulatory body to clarify how sanctions will be enforced. He mentioned two potential legal paths: delisting NIS from sanctions—though unlikely without Congressional approval—or licensing, which would involve setting conditions for the company’s operations.
A key challenge, according to Bajatović, is determining an action plan that satisfies OFAK’s requirements. With unclear guidance, he acknowledged the need for further talks with Russian authorities.
Regarding NIS’s operations, Bajatović confirmed that while the company can continue business in dinars, it cannot engage in transactions involving foreign currencies like US dollars or euros. Payments will still be possible through local systems like Dina cards, but international methods such as Visa will not be accepted.
The situation is complicated, but Bajatović reassured that NIS has enough oil for processing until the end of March, ensuring a stable supply for at least 90 days. He expressed confidence that there will be no shortages or price hikes in Serbia, and underscored the necessity of maintaining Serbia’s oil refining capacity.
