JANAF has received permission to continue the delivery of oil to Naftna Industrija Srbije (NIS) for the next seven days, i.e., until October 15. As stated in the announcement, JANAF does not possess official information on whether a license has been issued for NIS a.d. for that period as well.
We convey the full announcement:
The US Department of the Treasury introduced a package of sanctions on the energy sector of the Russian Federation on January 10, 2025, due to the military actions of the Russian Federation in the territory of Ukraine, which is aimed at further limiting the business and revenue of Russian energy companies. The full implementation of the sanctions package came into force on February 27, 2025.
The sanctions also cover the company NIS a.d., with which JANAF d.d. has a concluded Contract on the transport of crude oil for the period from January 1, 2024, to December 31, 2026. The aforementioned Contract reserved JANAF’s transport capacities on a “take-or-pay” principle in a total quantity of 10 million tons of oil for the contracted period.
The company, through an American law firm and with the full support of the Government of the Republic of Croatia, obtained several consecutive licenses from OFAC, which issued permits to the Company to continue the execution of the Contract on the transport of crude oil concluded with NIS a.d., continuously even after the sanctions package came into force on February 27, 2025. The last license obtained allowed the continuation of the execution of the aforementioned crude oil transport contract until October 8, 2025.
On October 7, 2025, the Company obtained a license that approves participation in activities that are usual and necessary for the transport of oil, with the aim of completing all activities undertaken within the previously mentioned crude oil transport contract, until October 15, 2025. Currently, JANAF does not possess official information on whether a license has been issued for that period to the company NIS a.d. as well.
At this moment, it is not possible to foresee the duration of the US Department of the Treasury’s sanctions on the company NIS a.d., taking into account the activities that can be undertaken before the competent authorities, nor any potential further decisions of the competent authorities for enacting and implementing sanctions, as a result of which it is not possible to assess the exact effect of the subject sanctions on the business of the company JANAF d.d.
The company will continue to actively monitor the development of events and remain in constant contact with the system user and other key participants. Also, it will continue to undertake all available activities towards the competent authorities, as well as developing business models to ensure the stable operation of the Company, in order to maintain business operations in the future period at a level that guarantees the satisfaction of shareholders, business partners, and employees.
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Source: N1; Photo: Printscreen YouTube / JANAF, d.d.