NIS seeks new U.S. sanctions waiver to secure Serbian fuel supply

Naftna Industrija Srbije (NIS), which supplies up to 80% of Serbia’s fuel, has applied to the U.S. Treasury’s Office of Foreign Assets Control for a new sanctions waiver ahead of a September 30, 2026, deadline.

The company faces sanctions due to its ownership structure, in which Russian entities Gazprom Neft and another Gazprom-linked entity hold a combined majority stake. To resolve this, Hungary’s MOL Group signed an agreement in January 2026 to acquire a 56.16% stake in NIS, a move intended to sever Russian ownership ties and satisfy U.S. regulatory requirements.

In response to potential supply risks, the Serbian government has begun drawing on mandatory diesel reserves, including a planned release of 5,000 tonnes. This measure aims to mitigate the impact of potential refinery disruptions at Pančevo and fluctuations in commercial imports. While regional supply routes through Bulgaria, Romania, and Croatia exist, the immediate stability of the Serbian fuel market depends on whether NIS secures the necessary U.S. operating license.