OFAC extends NIS licence for 60 days as Serbia weighs ownership and sanctions exit

Serbia’s oil company NIS will be able to keep operating without interruption after the U.S. Office of Foreign Assets Control (OFAC) approved a new 60-day extension, giving the company time to continue business until mid-June. For investors and energy stakeholders, the decision offers short-term continuity in a period when longer-running negotiations over NIS’s ownership structure are still unresolved.

Temporary sanctions relief tied to operational stability

Serbian Minister of Energy and Mining Dubravka Đedović said the extension supports more predictable planning for crude oil procurement, helps maintain stable operations at the Pancevo refinery, and underpins continuous fuel supply to the domestic market. Government officials framed the move as necessary for maintaining near-term energy security and market stability.

Ownership talks with MOL Group and Gazprom Neft continue

The OFAC extension is also being interpreted as progress in ongoing discussions between MOL Group and Gazprom Neft about a potential restructuring of NIS ownership. Authorities stressed that their immediate priorities remain operational continuity, job protection, and overall system stability while talks on the company’s future structure continue.

Serbia pursues sanctions removal alongside increased state stake

At the same time, Serbia is pursuing two parallel objectives: securing NIS’s permanent removal from the U.S. sanctions framework and increasing the state’s ownership share by 5% to strengthen influence over strategic decision-making. Officials indicated that both efforts are being managed alongside the need to keep supplies steady during the transition.

Next steps expected soon

Further negotiations are expected to accelerate in the coming days. Senior representatives of MOL Group are scheduled to visit Serbia, followed by additional meetings between operational teams as discussions on NIS’s future structure proceed.