Janaf Obtains New Weekly License for Continued Oil Transport to NIS

Janaf announced on Wednesday that it has obtained the necessary license to continue executing the crude oil transport contract with Naftna industrija Srbije (NIS) until October 8 of this year.

In the coming days, Janaf, through its American attorney and with the support of the Government of the Republic of Croatia, will contact the Office of Foreign Assets Control (OFAC) of the U.S. Department of the Treasury, with the aim of obtaining an extension of the aforementioned license.

“The possibility of extending the permit after October 8, 2025, will largely depend on further actions taken by NIS towards the relevant U.S. institutions,” Janaf’s statement said.

U.S. Sanctions on Russia Limit Energy Contracts

Separately, Janaf reminded in its statement that 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 its military actions in Ukraine, aimed at further limiting the operations and revenues of Russian energy companies, with full application of the sanctions package commencing on February 27.

These sanctions also include NIS, with which Janaf has a crude oil transport contract for the period from January 1, 2024, to December 31, 2026, reserving Janaf’s transport capacities on a “full for empty” basis for a total quantity of 10 million tons of oil for the contractual period.

Janaf, through an American law firm and with government support, has obtained several consecutive licenses from OFAC, which granted the company permissions to continue executing contracts.

The License is Weekly, Janaf Monitors the Situation

Janaf obtained the aforementioned license yesterday, allowing the continuation of contract execution until October 8, and as emphasized by the Croatian company, it is currently impossible to predict the duration of the U.S. Department of the Treasury sanctions on NIS, and thus their impact on Janaf’s operations.

“The company will continue to closely monitor developments and is in constant contact with the system user and other key stakeholders. It will also continue to undertake all available activities towards the relevant authorities, as well as develop business models to ensure the company’s stable operations, in order to maintain operations at a level that guarantees the satisfaction of shareholders, business partners, and employees,” stated Janaf.