OFAC extends NIS operating license amid ownership talks

The U.S. Treasury's Office of Foreign Assets Control (OFAC) has granted an extension to the operating license for Serbia's Oil Industry (NIS), according to state television RTS. The license now permits NIS to process crude oil at its sole refinery located in Pancevo, just outside Belgrade, until July 1.

This development was anticipated by Serbian President Aleksandar Vučić, who had previously stated he learned the NIS license would be extended for an additional 15 days. The extension provides crucial operational continuity for the national oil company amidst ongoing negotiations concerning its ownership structure.

Simultaneously, Mining and Energy Minister Dubravka Djedovic Handanovic is reportedly involved in finalizing a contract between NIS shareholders and Hungary's MOL Group. MOL has been in discussions to acquire the 56.15 percent majority stake in NIS currently held by Russia's Gazpromneft. The Serbian government is also reportedly in talks to purchase an additional 5 percent share.

NIS was previously placed under U.S. Treasury sanctions targeting the Russian energy industry on October 9, 2025. The extension of its operating license suggests a temporary allowance for continued operations despite these sanctions, likely tied to the ongoing ownership transition talks.