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.
The U.S. will continue to take steps to ease sanctions against Russia, according to Ukrainian President Volodymyr Zelenskyy.
“Unfortunately, the lifting of sanctions will continue. I believe that the diesel deal is the first step. Unfortunately, it seems to me that this will not stop Putin; on the contrary, he feels joy and happiness from having such support. And yet we very much hope—I personally hope—that the President of the United States will do everything possible to ensure that Putin stops the killings, stops the attacks on our energy sector, and ends this war,” Zelenskyy said, responding to questions from journalists on Saturday.
He emphasized that “this cannot be achieved by limiting Ukraine’s countermeasures against Russia, which is killing our people, and certainly not by lifting sanctions.”
The president noted that the Ukrainian side had not received any warnings that the sanctions would be suspended or about the “diesel deal,” and “in the same way, we learned from the media about the possibility of an energy truce.”
The Japanese government is considering a new package of sanctions against Russia, which could include restrictions on vessels belonging to the so-called “shadow fleet,” as well as further tightening of export controls.
This was reported on October 2 by the Japanese newspaper Yomiuri Shimbun, citing several government officials.
According to the publication, Tokyo is considering joining efforts to further intensify sanctions pressure on Russia amid new restrictions being imposed by European countries.
One of the main targets of the new package could be vessels of the Russian “shadow fleet,” which are used to transport oil and petroleum products in circumvention of Western sanctions.
The Japanese government is also considering expanding the list of goods whose export to Russia is prohibited or restricted, as well as further strengthening export control mechanisms.
The final composition of the new package and the date of its implementation have not yet been officially announced.
As of October 2, the new package has not yet been published in the Japanese Ministry of Finance’s official list of current sanctions. Nor has a corresponding decision been announced in the country’s Ministry of Foreign Affairs’ statements.
The last major package of additional Japanese sanctions related to the war in Ukraine was announced on September 12, 2025.
At that time, Japan imposed asset freezes on 47 Russian organizations and nine individuals. Restrictions were also imposed on five individuals and one organization that Japanese authorities link to the annexation of Crimea, the destabilization of eastern Ukraine, and the Russian occupation of Ukrainian territories.
In addition, three organizations from third countries were subject to the restrictions.
The package included not only asset freezes but also expanded export restrictions. Japan has banned supplies to certain Russian organizations and companies from third countries that, according to the Japanese authorities, are linked to the Russian military-industrial complex or help circumvent the restrictions.
Thus, if the new package is adopted, it will mark the first significant expansion of Japanese sanctions against Russia in over a year.
A focus on the “shadow fleet” will mean a further alignment of Japan’s sanctions regime with the approach taken by the EU, the United Kingdom, and other G7 countries, which in recent years have been actively imposing restrictions on vessels involved in the transport of Russian energy resources.
At the same time, Japan maintains a unique position regarding Russian energy resources. The country continues to import LNG from the “Sakhalin-2” project, viewing these supplies as a crucial element of its own energy security.
The official list of Japan’s current sanctions has been published by the country’s Ministry of Finance. The new restrictions will take effect after the government adopts a corresponding decision and publishes the documents required by Japanese law.
According to Serbian Economist, the Office of Foreign Assets Control (OFAC) of the U.S. Department of the Treasury has extended the operating license of the Serbian oil company NIS until October 30, 2026, allowing the company to continue its current operations after the previous permit expires on September 30.
The license extension means that NIS will be able to continue its operations, including the purchase and refining of crude oil, the production of petroleum products, and their supply to the Serbian market.
NIS has been subject to U.S. sanctions due to the company’s ownership structure and the involvement of Russian capital. Gazprom and Gazprom Neft entities remain the key Russian shareholders, while the Serbian government holds a large minority stake.
For Serbia, the issue of NIS’s operations is of strategic importance. The company operates the country’s only oil refinery in Pančevo and the largest network of gas stations, and it also holds key positions in the supply of petroleum products to the domestic market.
Serbian President Aleksandar Vučić has previously stated on multiple occasions that Belgrade is negotiating with the U.S. side in an effort to ensure the uninterrupted operation of NIS while simultaneously finding a long-term solution to the issue of Russian ownership.
The one-month extension of the operating license eliminates the immediate risk of the company ceasing operations in early October, but it does not definitively resolve the issue of sanctions. In effect, Belgrade and NIS shareholders have been granted additional time to find a model for changing the ownership structure that is acceptable to OFAC.
Separately, negotiations are ongoing regarding the possible sale of the Russian stake. Throughout 2026, potential participants in the future deal included Hungary’s MOL and the UAE’s ADNOC, but the final structure of a possible deal has not yet been agreed upon.
https://t.me/relocationrs/3776
According to The Serbian Economist, the Office of Foreign Assets Control (OFAC) of the U.S. Department of the Treasury has extended a special license to the Croatian company JANAF, allowing it to continue transporting crude oil for the Serbian company NIS until September 30, 2026.
The company reported that it received the license extension with the assistance of the Croatian government and U.S. legal advisors. The authorization allows it to continue fulfilling its existing contract with NIS within the framework of the U.S. sanctions regime.
Thus, crude oil deliveries via the Adriatic Pipeline can continue for at least another month. The oil arrives by sea at the JANAF terminal in Omišalj on the island of Krk, after which it is transported via the pipeline system toward Serbia and used by the NIS refinery in Pančevo.
This decision is of critical importance for Serbia. The refinery in Pančevo is the country’s only large oil refinery and meets about 80% of the Serbian market’s demand for petroleum products. The facility’s design capacity is up to 4.8 million metric tons of crude processed per year.
NIS itself received a separate special license on August 28. It is also valid until September 30 and allows the company to continue oil refining, crude oil imports, financial transactions, technical maintenance, and other operations necessary to ensure a stable supply to the market.
The extension of the license is particularly important given the problems with alternative supply channels. Due to low water levels in the Danube, the capacity to import fuel by barge has been significantly reduced this summer. In July, fuel imports via this route amounted to only about a quarter of the planned volume, which has increased Serbia’s dependence on the Pančevo refinery and supplies via JANAF.
NIS and JANAF are bound by a three-year contract for the transportation of up to 10 million metric tons of crude oil, which remains in effect until December 2026. Actual supply volumes depend on the amount of oil that NIS purchases and delivers to the Omišalj terminal.
The main issue now concerns the change in NIS’s ownership structure. Hungary’s MOL is in talks with Gazprom Neft regarding the purchase of a 56.15% stake in the company. A potential deal is seen as a long-term way to remove NIS from U.S. sanctions. OFAC has also issued separate temporary licenses to facilitate the negotiations.
U.S. sanctions against NIS took full effect in October 2025 due to Russian control over the company. Since then, OFAC has repeatedly issued temporary licenses, allowing Serbia to maintain the refinery’s operations and oil shipments through Croatia for the duration of negotiations regarding the sale of the Russian stake.
https://t.me/relocationrs/3564
The European Union has established a legal framework allowing member states to sell Russian oil that was previously seized and confiscated in the course of cracking down on sanctions evasion.
The relevant provision is included in EU Council Regulation No. 2026/1848 of July 23, 2026, which formalized the 21st package of sanctions against Russia. The document states the need to enable national competent authorities to safely dispose of shipments of Russian oil that they seize and confiscate. Disposing of the cargo may include selling it to third parties.
However, the new provision does not grant EU authorities the automatic right to stop any tanker simply because it is transporting oil of Russian origin. First, the state must have legal grounds to detain the vessel and confiscate the cargo—for example, a violation of the sanctions regime, the absence of a valid flag, the provision of false documents, or other violations of European, national, or international law.
The new regulation primarily specifies what authorities may do with the cargo after its lawful confiscation. Once the confiscation procedure is complete, the former owner does not automatically receive the right to the proceeds from the sale of the cargo. However, the regulation does not establish a uniform procedure for distributing the proceeds across all EU countries, nor does it provide for their automatic transfer to Ukraine. Such decisions will depend on national legislation and the specific case.
According to Euractiv, the measure is primarily aimed at cargo from vessels used to circumvent EU oil sanctions. The option to sell the cargo is intended to address a practical problem: confiscated oil must be unloaded, stored, and safely sold, which entails significant costs and environmental risks.
The mechanism is part of the 21st EU sanctions package, adopted on July 23. The package also increases pressure on the Russian oil sector, traders, and the shadow fleet, and suspends the automatic review of the price cap on Russian oil until July 15, 2027.
In practice, the new rule may make it easier for EU member states to take action against vessels suspected of circumventing sanctions. However, each detention and confiscation must have a separate legal basis, and the owners of the vessels and cargo will be able to challenge such decisions in national and international courts.
