Serbian President Vučić says MOL oil deal stalls

Serbian President Aleksandar Vučić said on Friday that talks with Hungary's MOL over buying the Russian‑owned share of Serbia's oil refiner NIS are not progressing well and are unlikely to meet the May 22 deadline imposed by the U.S. Office of Foreign Assets Control. He expressed little optimism that a deal will be concluded in time and urged the OFAC to understand Serbia’s position to avoid punitive sanctions.

The stalled transaction is crucial for both parties: the sale would free NIS from U.S. sanction pressure and would give MOL a foothold in the Balkans, while Serbia seeks to keep the Pančevo refinery fully operational to preserve fuel supplies. Vučić noted that, if the agreement falls through, the Serbian state could consider purchasing the Russian stake itself. Other potential buyers, including German and Swiss energy firms, have also shown interest in NIS.

Vučić reiterated his confidence that a solution may still emerge, but highlighted the broader economic strain from the global energy crisis and the need for foreign partners to accommodate Serbia’s circumstances.