The US authorities have extended the license of the sanctioned oil company NIS

The Office of Foreign Assets Control (OFAC) of the US Ministry of Finance has extended the operating license of the Serbian Oil Industry (NIS), which is subject to US sanctions, until June 16, announced the Minister of Energy and Mining of Serbia, Dubravka Djedović Handanović.

– The NIS operating license has been extended for 60 days, which is very important for more stable planning of crude oil purchases, safe operation of the refinery in Pancevo (the only one in Serbia – PAP) and reliable supplies of petroleum products – the Serbian minister said on Friday in an interview with RTS.

Djedović Handanović said that the latest license extension is a “positive signal of progress in the negotiations” between Russia's Gazprom Neft and the Hungarian oil company MOL regarding the sale of Russian shares in NIS. These sales will also require OFAC approval.

The minister noted that Serbia's priority is to permanently remove NIS from the US sanctions list so that the company can make long-term purchases of crude oil. The second goal, she added, is to increase the government's share in the company by 5 percent, which “will give it greater control over management and influence in NIS.”

On January 19, the Hungarian MOL announced the signing of a binding agreement with Russian companies regarding the purchase of their shares in NIS. MOL is negotiating with ADNOC from the United Arab Emirates to purchase a minority stake in NIS. The deadline for signing the agreement on new ownership relations in the Serbian concern is May 22.

The US included NIS on the sanctions list in January 2025 to, as it was announced, prevent the war against Ukraine from being financed with money from Russian oil and gas companies. The US administration demands the withdrawal of Russian entities from the NIS.

Since 2008, the majority shareholders in NIS are Gazprom and Gazprom Neft, the oil company of Gazprom, which owns approximately 96 percent. its shares. At that time, Gazprom Neft owned 50 percent. shares in NIS, the Serbian state – 29.87 percent, and Gazprom – 6.15 percent. The remaining shares belonged to citizens, current and former employees and other minority shareholders.

Although the ownership structure of NIS has changed several times recently, the concern is still mostly in the hands of Russian companies. Gazprom withdrew from NIS in September 2025, and its shares were taken over by another company managed by it: Intelligence from St. Petersburg, according to data from the Belgrade Stock Exchange.

Jakub Bawołek (PAP)

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