Why did the U.S. grant Serbia another sanctions waiver for the Russian-owned NIS oil firm?

The U.S. Office of Foreign Assets Control (OFAC) granted the waiver to allow NIS — which operates Serbia's only oil refinery and supplies around 80% of the country's fuel demand — to continue importing crude oil until September 30, while negotiations between Hungarian company MOL and Gazprom Neft over the sale of the Russian majority stake (56% combined) reach completion.

What is the current ownership structure of NIS, and what is the status of the planned sale?

Serbia's government owns 29.9% of NIS, with the remainder held by small shareholders and employees; the Russian entities Gazprom Neft and Gazprom hold a combined 56% stake, which is being sold to Hungary's MOL — negotiations are in their final phase, following a provisional agreement signed in January and multiple prior OFAC waivers enabling continued operations during the transition.

Serbia Secures Further Sanctions Waiver for Russian-Owned NIS Oil Firm

Aug 28, 2026

Serbia secured a U.S. sanctions waiver for Russian-owned NIS oil firm until September 30, allowing continued crude imports pending acquisition by Hungarian company MOL. The waiver maintains fuel supply stability while finalizing Gazprom Neft's stake divestment.

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Serbia Secures Further Sanctions Waiver for Russian-Owned NIS Oil Firm

Serbia Secures Further Sanctions Waiver for Russian-Owned NIS Oil Firm

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