Serbia's NIS oil company nears solution to US sanctions

Economists say the fate of Naftna Industrija Srbije (NIS), whose majority ownership lies with Russian firms Gazprom and Gazpromneft, hinges on the outcome of the Ukraine war. They warn that the U.S. Office of Foreign Assets Control (OFAC) is likely to address the sanction issue only after the conflict ends, leaving Serbia to consider options such as nationalisation to avoid energy instability.

Serbian Foreign Minister Marko Đurić reported that a resolution for NIS is becoming increasingly certain. He noted ongoing discussions with the United States over high American tariffs on Serbian goods and highlighted that OFAC has recently extended NIS's operating licence by 30 days. The extension follows interest from Hungary’s MOL, which could increase its stake in the company, and reflects a degree of flexibility from U.S. authorities.

Both sources stress that Serbia seeks a minimally disruptive outcome while balancing relations with Russia and the West, and that any final decision will shape the country's energy security and broader economic ties.