Hungarian MOL granted US extension to acquire Russian stake in Serbia's NIS

Hungarian energy group MOL received a new licence from the U.S. Treasury’s Office of Foreign Assets Control (OFAC) extending the deadline for negotiations on the purchase of a 56.16% stake in Serbia’s oil firm NIS until 16 June. The original deadline of 6 June had been reached, prompting MOL to request an additional waiver.

The stake is currently held by Russia’s Gazprom Neft, and the transaction is part of U.S. efforts to reduce Russian ownership in the Serbian energy sector following sanctions imposed after Russia’s invasion of Ukraine. Completion of the deal also requires approval from the Serbian government, which owns 29.9% of NIS, the country’s sole refinery operator and a network of over 400 fuel stations in the region.

If finalized, the acquisition would shift control of a key regional energy asset from Russian to Hungarian hands, reshaping the Central and Eastern European oil market and further limiting Russian influence in the sector.