NIS ownership and US-Russia energy tensions in Serbia

The ownership of the Serbian energy company NIS has become a focal point of diplomatic tension involving the United States, Russia, and Serbia. Following US Treasury Department sanctions imposed in early 2025 due to Russian majority ownership via Gazprom Neft, the company’s long-term stability has been linked to international relations.

Michael Young, the US presidential nominee for ambassador to Serbia, testified before the US Senate Foreign Relations Committee regarding his intention to advocate for the removal of Russian ownership and control over NIS. While Serbian authorities previously indicated that Russian owners were prepared to transfer control to a third party, the situation remains complex.

As of October 2026, the fate of NIS may depend on broader energy negotiations between Washington and Moscow. While the Hungarian company Mol has expressed interest in acquiring the 56.15 percent Russian stake, Serbian President Aleksandar Vučić suggested that US-Russia discussions regarding diesel supplies could influence the outcome. Although the Pančevo refinery is currently operational under US exemptions, experts warn that a total shutdown of NIS would create a significant supply crisis for Serbia.