Why does Serbia's NIS oil firm need a new U.S. sanctions waiver by July 1, and what happens if it is not granted?

NIS needs a new U.S. sanctions waiver by July 1 because its current waiver expires on that date, and without it, the company cannot import and process crude oil — a critical operational requirement. As stated in the news, NIS supplies up to 80% of the Serbian market and is majority owned by Russia’s Gazprom Neft and Gazprom; U.S. sanctions imposed in October target its Russian ownership. The waiver is essential for 'the regular work …, for the orderly supply of the domestic market', and its absence would directly disrupt fuel supply across Serbia.

What is the status of the planned ownership change for NIS, and what role is the U.S. playing in it?

NIS has pointed to 'advanced negotiations on changing its ownership structure' in its waiver request to OFAC, and the U.S. Treasury has set a July 1 deadline for Hungarian company MOL to complete negotiations to acquire the 56.16% stake held by Gazprom Neft and Gazprom. Washington is actively pushing for full divestment of the Russian stake, and has granted NIS a series of temporary waivers while this transition remains underway; Serbia retains a 29.9% stake in the company.

Serbia's Russian-Owned NIS Oil Firm Seeks Another Sanctions Waiver from U.S.

Jun 26, 2026

Serbia's Russian-owned NIS has applied for a U.S. sanctions waiver extension to continue crude imports and refining operations after July 1. Meanwhile, Hungarian firm MOL is negotiating to acquire the Russian stake held by Gazprom Neft.

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