According to Serbian Economist, the Office of Foreign Assets Control (OFAC) of the U.S. Department of the Treasury has extended until December 11, 2026, the licenses required for the Serbian oil company NIS to operate, for the transportation of oil for NIS via the Croatian JANAF system, and for the Hungarian company MOL to continue negotiations regarding the acquisition of a controlling stake in NIS.
NIS announced on October 30 that it had received a new special OFAC license. It allows the company to continue its operations, fulfill existing contracts and other agreements, refine and import crude oil, carry out operations necessary for supply security and maintenance, and conduct financial transactions. The previous license was valid until October 30.
On October 31, the Croatian oil pipeline operator JANAF also announced the extension of its U.S. license until December 11. The authorization allows the company to continue fulfilling its contractual obligations to NIS within the framework of the current sanctions regime. Thus, the ability to transport crude oil through the JANAF system to the Serbian oil refinery in Pančevo remains intact.
The Hungarian oil and gas group MOL received a separate OFAC license valid through December 11. The company may continue negotiations regarding the acquisition of a majority stake in NIS. MOL officially confirmed receipt of the license on October 30.
The extension of these licenses is of critical importance to Serbia’s energy market. The NIS oil refinery in Pančevo is central to the country’s supply of petroleum products, and the company itself has previously emphasized that the uninterrupted operation of the refinery and a stable supply to the domestic market are critical to Serbia’s energy security.
At the same time, the renewal of the licenses only temporarily alleviates the risk of supply disruptions and does not resolve the main issue—the ownership structure of NIS.
According to NIS data as of September 30, 2026, Gazprom Neft holds 44.85% of the company’s shares, while another 11.30% is owned by JSC Intelligence, which is managed by Gazprom Capital. Thus, the total stake held by Russian entities amounts to 56.15%. The Serbian government owns 29.87% of NIS, with the remaining shares held by minority shareholders.
It was precisely this Russian stake in NIS that led to the extension of U.S. sanctions to the Serbian company. Hungary’s MOL is in talks to acquire a majority stake, but the deal has not yet been finalized.
The new OFAC waivers effectively give the parties about six more weeks to continue negotiations and seek a long-term solution. Until December 11, NIS may import and refine oil, JANAF may continue its contractual operations with the Serbian company, and MOL may negotiate changes to the ownership structure.
If the issue of the Russian stake in NIS is not finally resolved by that date, the companies may again need an extension of the U.S. licenses.
