What did Serbia and Hungary's MOL agree on regarding their ownership stakes and governance rights in the NIS oil firm?

Serbia and MOL completed talks on a shareholders' agreement, reaching a compromise that grants Serbia additional rights in decision-making at NIS; specifically, if MOL acquires a 56.15% stake from Gazprom Neft and Gazprom — subject to OFAC approval — Serbia will buy an additional 5% of NIS shares, and Serbian board members will gain greater powers.

How do U.S. sanctions on NIS affect its operations and ownership structure, and what deadline has been set for Russian divestment?

The U.S. Treasury’s OFAC sanctioned NIS in October 2023, demanding divestment of Russian-owned shares and requiring NIS to operate under temporary licenses for importing and processing crude oil; Washington gave Gazprom Neft and Gazprom until June 16 to complete the sale of their combined 56.15% stake in NIS to MOL.

Serbia Completes Talks on Shareholders Agreement with Hungary's MOL Over NIS Oil Firm

Jun 10, 2026

Serbia finalized a shareholders' agreement with Hungarian oil giant MOL regarding its stake in the sanctioned Russian-owned NIS oil firm. The deal secures refinery operations and increases state ownership pending OFAC approval.

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