Serbia, Janaf suspends oil supplies to NIS due to sanctions against Russia, News Serbia Energy
Jadranski naftovod (Janaf) reported on Tuesday that sanctions against Russia for the attack on Ukraine included an agreement on the transport of crude oil concluded with the Serbian company NIS and that, if no changes occur, the agreement will not be able to be implemented from mid-May this year. years as long as the sanctions are in force.
The Adriatic oil pipeline does not operate directly on the Russian market, but the EU Council Decree of 15 March 2022 on restrictive measures related to Russia’s actions in Ukraine also covers the contract on the transport of crude oil, which Janaf d.d. concluded with NIS a.d. for the period from January 1 to December 31, 2022, Janaf stated in a notice published on the Zagreb Stock Exchange.
This agreement reserves Janaf’s transport capacities on a “full for nothing” basis in the total amount of 3,200,000 plus / minus 10 percent of oil, and if there are no changes, it will not be able to be realized from May 15, 2022 until the stated restrictive measures will be in force, it is added.
Given that it is currently not possible to predict the potential duration and future intensity of the restrictive measures, it is not possible to assess all the effects of this restrictive measure, but Janaf expects that they will not jeopardize the company’s financial position and business in 2022.
In mid-January 2022, Janaf announced that it had signed a contract with NIS for the transport of crude oil this year.
NIS is majority owned by Russia’s Gazprom Neft, which holds 56.15 percent of the shares, while the Republic of Serbia has 29.87 percent and small shareholders 13.98 percent.
In mid-March, the European Union formally confirmed the fourth package of sanctions against Russia due to the invasion of Ukraine, which includes a ban on investments in the Russian energy sector, exports of luxury goods and a ban on imports of steel products from Russia.
The sanctions include a ban on all transactions with certain state-owned companies, with Gazprom Neft among a dozen state-owned companies on a list published in the EU’s official gazette.