The US Office of Foreign Assets Control (OFAC) has issued a license to Naftna Industrija Srbije (NIS), extending the deadline for negotiations on the sale of Russia’s majority stake in the Serbian oil company until 24 March 2026.
Serbia’s public broadcaster RTS reported on Wednesday that the OFAC decision, however, does not authorize NIS to continue regular operations while negotiations to find a new owner are ongoing.
Commenting on the development, Serbian President Aleksandar Vučić said that the extension granted to the Russian owner “means nothing” for Serbia.
“Fuel derivatives are what matter to us,” Vučić stated.
He emphasized that due to US sanctions imposed on NIS, Serbia has been forced to import large quantities of fuel on a daily basis, stressing that the country’s energy supply problem must be resolved urgently.
Because of its inability to import crude oil, the Pančevo refinery—the only refinery in Serbia and the most important asset owned by NIS—was shut down on 2 December.
The Serbian government, which owns just under one-third of NIS shares, did not respond to Radio Free Europe/Radio Liberty (RFE/RL) requests for comment regarding the OFAC license.
Russian company Gazprom Neft owns 44.9% of NIS, while Gazprom holds 11.3%.
The Government of Serbia owns 29.9%, with the remaining shares held by small shareholders and employees.
US sanctions on NIS took effect on 9 October, with Washington stating that the goal is to prevent Russia from using energy revenues to finance the war in Ukraine.
The United States has demanded that NIS remove Russian ownership if it wishes to have the sanctions lifted.
Russian President Vladimir Putin recently said that Gazprom Neft has invested more than $3 billion in NIS and that dialogue with Serbia is ongoing to resolve the company’s challenges.
In recent months, Serbian and Hungarian officials have stated that Hungary’s MOL Group and ADNOC of the United Arab Emirates have shown interest in acquiring NIS. Neither MOL nor ADNOC responded to RFE/RL inquiries regarding a potential purchase.
NIS was sold to Gazprom in January 2008 as part of a Russian-Serbian intergovernmental agreement on cooperation in the oil and gas sector, for €400 million.
So far, there has been no official information regarding the price of the Russian shares in NIS.
Serbia remains heavily dependent on Moscow for energy, as 80% of the domestic oil products market is supplied by NIS.
Additionally, Serbia purchases 80% of its natural gas from Russia for both households and the economy.
Belgrade and Moscow maintain close political, economic, and military relations.
/Radio Free Europe/Radio Liberty
