According to Serbian Economist, the U.S. has granted Serbia’s oil company NIS a new 60-day exemption from sanctions, allowing it to continue its operations at least until mid-June. Serbia’s Minister of Mining and Energy, Dubravka Jedović-Handanović, announced the license extension. This refers to an OFAC authorization that maintains NIS’s ability to import crude oil and reduces the risk of disruptions to the country’s oil refining infrastructure.
For Serbia, this decision has not only energy-related but also macroeconomic significance. NIS operates the country’s only oil refinery—in Pančevo—and therefore this latest license extension reduces risks for the domestic fuel market, logistics, and price stability.
Meanwhile, negotiations continue regarding the sale of Russia’s stake in NIS to Hungary’s MOL. According to Reuters, Washington has set a deadline of May 22 for the deal’s completion. Belgrade hopes that the change of government in Hungary will not derail the process, though a final agreement has not yet been formalized.
NIS’s ownership structure remains the key reason for sanctions pressure. According to the report, 45% of the company’s shares are owned by Gazprom Neft, another 11.3% are linked to Gazprom, while Serbia owns nearly 30%, with the remainder held by minority shareholders. It is precisely the withdrawal of Russian entities from NIS’s capital that the U.S. views as a condition for a sustainable resolution of the situation.
For the Serbian economy, the current delay means buying time, but not a final solution to the problem. Until the deal with MOL is closed, NIS and the country’s entire oil sector remain dependent on temporary licenses from Washington. This creates uncertainty for the energy market, the budget, and the investment climate, particularly regarding long-term planning for supplies and the modernization of refining.
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