Serbia’s oil system came under immediate strain Thursday after Washington let a sanctions waiver for Naftna Industrija Srbije (NIS) lapse, exposing the Gazprom Neft-linked refiner to U.S. measures and putting crude flows via Croatia’s JANAF pipeline on a short OFAC license that runs to October 15.
Reuters reported that the move followed weeks of extensions, confirming the waiver’s expiry and its immediate operational impact.
NIS operates the Pan?evo refinery and supplies about 80% of Serbia’s gasoline and diesel and over 90% of jet and heavy fuel oil. The refinery’s nameplate capacity is about 4.8 million tonnes per year, according to company data. Ownership remains majority-Russian: Gazprom Neft holds 44.9%, an affiliated investment arm about 11.3%, and the Serbian state 29.9%.
On Thursday, Croatia’s economy ministry told HRT media that Zagreb would honor U.S. and EU measures and confirmed JANAF’s license status through October 15. Croatian daily Novi List cited a JANAF statement saying the operator was coordinating with the government and U.S. legal advisers and warned that the loss of NIS throughput could remove roughly €18 million in revenue.
NIS said the U.S. license enabling “unhindered operations” was not renewed and that sanctions took effect at 06:00 local time. The company told customers it holds sufficient inventories and that retail sites remain open. Customers can pay in dinars if foreign card transactions are disrupted.
Serbian President Aleksandar Vu?i? told reporters that without new crude deliveries, the refinery could face strain after November 1, though existing stocks should cover domestic demand into year-end.
Meanwhile, Croatian officials publicly discussed the corporate fallout. Economy Minister Damir Habijan said Croatia would “fully respect allied sanctions,” while JANAF executives noted that crude transport to Serbia had stopped pending Washington’s next decision, according to HRT.
Before Thursday’s cutoff, JANAF held a short-term U.S. authorization to continue shipments until October 15 to complete contracted volumes.
Regional media underlined the commercial stakes. According to Novi List, JANAF’s transport contract with NIS runs through end-2026, representing roughly one-third of its annual revenue, and that termination could heavily impact Croatian pipeline earnings.
By Charles Kennedy for Oilprice.com
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