Russian shareholders have agreed to sell their 56.15% stake in Naftna Industrija Srbije (NIS), Serbia’s state-linked oil company, according to Serbian Minister of Mining and Energy Dubravka Gjedorvić Handanović.
NIS has been under U.S. sanctions since October 9, 2025, due to its majority Russian ownership.
The Serbian minister stated that the buyer’s identity remains confidential because negotiations are ongoing between serious business entities, and discussing details prematurely would be irresponsible. She emphasized that the refinery must continue operations and secure new crude oil supplies as quickly as possible.
Earlier, NIS requested a special license from the U.S. Treasury’s Office of Foreign Assets Control (OFAC) to continue operations while shareholder negotiations progress. A previous license issued on November 14 allowed operations and negotiations until February 13, 2026.
The U.S. Treasury first sanctioned NIS in January, with enforcement beginning on October 9 after several delays.
