U.S. OFAC Extends Operational License for Serbia's NIS as MOL Negotiates Russian Stake

OFAC licence extension Naftna Industrija Srbije MOL acquisition Gazpromneft stake Serbian oil refinery

The U.S. Office of Foreign Assets Control (OFAC) has extended the operational licence for Naftna Industrija Srbije (NIS) by 15 days, now valid until 1 July. The extension enables the refinery in Pančevo to continue importing and processing crude oil, securing Serbia’s fuel supply.

On the same day, the Serbian government signed a shareholders' agreement with Hungarian energy group MOL. The pact will take effect once MOL successfully purchases the 56 % Russian‑owned stake held by Gazpromneft, a transaction still being finalised. The deal is intended to give MOL majority control of NIS and ensure uninterrupted refinery operations.

Analyst Nebojša Obrknezhev said, “I am optimistic that OFAC will extend the operational licence, as Serbia has not breached the conditions.” The licence extension comes after OFAC set a June 16 deadline for the parties to reach an agreement on the Russian share.

If the licence were not renewed, sanctions could again restrict NIS’s ability to import crude and conduct essential transactions, potentially affecting the Serbian economy and regional energy markets.