EditSerbia secures another U.S. sanctions waiver for Russian-owned NIS oil firm
President Aleksandar Vučić expressed optimism that the deal under which MOL would acquire the combined 56% stake held by Russiawould be finalised soon
Serbia has obtained a fresh 30-day sanctions waiver from the United States for its majority Russian-owned oil company Naftna Industrija Srbije (NIS), Energy Minister Dubravka Đedović Handanović announced on 31 July 2026, allowing the firm to continue importing crude oil and operating its sole refinery until 28 August.
The waiver, issued by the U.S. Treasury’s Office of Foreign Assets Control (OFAC), gives NIS additional time while Hungary’s MOL Group continues negotiations to acquire the combined 56% stake held by Russia’s Gazprom Neft and an affiliated Gazprom entity. “Thirty days is good news; NIS will have time to purchase and bring in enough crude oil,” Đedović Handanović said in a live broadcast on state television RTS.
President Aleksandar Vučić expressed optimism that the deal would be finalised soon. “We are expecting finalization of the deal in the coming days, I will probably speak with (Russian President Vladimir) Putin and (Hungary’s Prime Minister) Péter Magyar,” he told reporters during a visit to southern Serbia.
Serbia faces tight deadline to resolve NIS ownership amid looming fuel crisis
NIS operates the Pancevo refinery just outside Belgrade, which covers around 80% of Serbia’s fuel demand. The company imports crude mainly via Croatia’s JANAF pipeline. The U.S. first imposed sanctions on NIS in late 2025 (with earlier reporting citing October or early 2025 timelines in related coverage) as part of broader measures targeting Russia’s energy sector over the war in Ukraine, requiring the full divestment of the Russian majority ownership. Multiple temporary operating licences have been granted since then to avoid disrupting Serbia’s energy supply while sale talks progressed. MOL signed a provisional agreement in January 2026 to buy the stake; the Serbian state holds nearly 30%, with the rest in minority hands.
The latest extension comes at a sensitive moment for Serbia’s fuel market. Other imports have fallen sharply to about 25% of monthly targets in July due to record-low water levels on the Danube River, which have restricted barge and tanker capacity. This has increased reliance on domestic refining capacity.
The waiver fits into a broader context of recently improved U.S.-Serbia relations. On 17 July 2026, the two countries launched a Strategic Dialogue in Washington – described as the most significant step in bilateral ties in decades and a format reserved for partners. The initiative aims to revive political contacts, boost US investment, and expand cooperation in energy, security, defence, trade, technology and other areas. The first round already produced concrete results, including a Memorandum of Understanding on energy infrastructure and regional energy security, plus one on the Fulbright academic exchange programme. Serbia also joined NASA’s Artemis space programme around the same time.
Strategic dialogue with Washington: a modest step, not a foreign policy U-turn for Serbia
Energy has emerged as a central pillar. The United States has expressed interest in participating in the Djerdap 3 pumped-storage hydropower plant on the Danube (developed with Romania), building on a 2024 energy cooperation agreement. This supports Serbia’s efforts to diversify away from heavy reliance on Russian energy sources. Washington has also backed a USD 50 million U.S. Export-Import Bank loan guarantee for Telekom Srbija’s 5G network using reliable suppliers, and reaffirmed participation in Expo 2027 in Belgrade.
Analysts and reporting from partners including Beta note that while the Strategic Dialogue marks a notable diplomatic success for Belgrade – granting direct access to U.S. decision-makers and providing useful domestic political capital – it does not yet constitute a fundamental foreign-policy U-turn. Serbia under Vučić continues its traditional balancing act between major powers, with growing emphasis on both Washington and Beijing. U.S. expectations around energy security, regional stability, and reduced dependence on certain suppliers (including scrutiny of Chinese involvement in weapons and telecommunications) are expected to feature in ongoing talks. Serbia has not imposed sanctions on Russia and maintains close ties with Moscow, while mitigating EU accession pressures on rule of law and other issues.
Caption: A drone photo of the NIS refinery in Pancevo [NIS website]
Updated: August 2, 2026 - 07:56
