After the U.S. Department of the Treasury imposed a sanctions package on the energy sector of the Russian Federation on January 10, 2025, due to their military actions in Ukraine, aimed at limiting the operations and revenues of Russian energy companies, JANAF announced on the Zagreb Stock Exchange that they currently cannot assess the impact of these sanctions on their business.
The sanctions also include the Oil Industry of Serbia (NIS), with which Croatian JANAF has signed a Contract for the transportation of crude oil for the period from January 1, 2024, to December 31, 2026, and under this Contract, JANAF’s transport capacities are reserved on a ‘full for empty’ basis for a total quantity of 10 million tons of oil.
– Given that it is currently impossible to predict the future intensity of U.S. sanctions on NIS, it is not possible to assess all the effects of the said sanctions on JANAF’s business – they added from JANAF.
The full application of the sanctions will take effect on February 27, 2025, and until then, adjustments and measures may be taken to enable divestment and support the secure supply of oil to the Republic of Serbia, they added.
– JANAF will closely monitor the developments and is in constant contact with the system user and other key stakeholders. Additionally, measures from the Government of the Republic of Croatia, the EU, and relevant institutions are being monitored, risks are assessed, and possibilities for their mitigation are evaluated. If necessary, JANAF will revise its business plans to maintain operations at a level that guarantees the satisfaction of shareholders, business partners, and employees to the greatest extent possible – the company stated.
