What is the significance of the U.S. OFAC sanctions waiver extension for NIS, and what condition is attached to it?

The U.S. Office of Foreign Assets Control (OFAC) extended the sanctions waiver for Serbia's Russian-owned NIS oil company until July 31, allowing it to continue importing crude oil — a critical function since NIS operates Serbia's only oil refinery. This extension is explicitly tied to the pending sale of the Russian majority stake: Gazprom Neft (44.9%) and Gazprom (11.3%) collectively hold 56% of NIS, and OFAC mandated their divestment as part of broader sanctions targeting Russia’s energy sector over the war in Ukraine; the waiver permits continued operations only until the transaction with Hungary’s MOL — which signed an agreement on January 19 to acquire that 56% stake — is finalized.

Who currently owns NIS, and what changes to ownership are underway according to the news?

As stated in the news, NIS is currently owned by Gazprom Neft (44.9%), Gazprom (11.3%), the Serbian government (29.9%), and the remainder by small shareholders and employees. A major ownership shift is underway: Hungary’s MOL signed an agreement on January 19 to purchase the combined 56% Russian stake held by Gazprom Neft and Gazprom. Additionally, Serbia intends to increase its own stake in NIS by an additional 5%, though the current size of its existing 29.9% holding and the mechanism for this increase are not specified in the text.

Serbia's Russian-owned NIS Secures U.S. Sanctions Waiver Extension

Jun 30, 2026

Serbia's NIS secured a U.S. sanctions waiver extension until July 31, allowing continued crude oil imports pending the sale of its Russian majority stake to Hungary's MOL.

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