NIS Files New OFAC Request as Ownership Deal Is Finalized
After the negotiating license lapsed on June 16, NIS filed a fresh request with the US OFAC while the sale of Gazprom Neft's stake to MOL is finalized.
- The OFAC license allowing negotiations lapsed on June 16, after which NIS filed a fresh request with Washington.
- The deal covers Gazprom Neft's 56.15 percent stake, which is being acquired by Hungary's MOL.
- The shareholders' agreement takes effect only with OFAC approval and Gazprom Neft's consent.
- Serbia is buying an additional 5 percent of NIS shares under the deal.
The license issued by the US Office of Foreign Assets Control (OFAC) that permitted negotiations over a change of ownership at Naftna Industrija Srbije expired on June 16, 2026, and the company immediately filed a new request with the regulator in Washington. The process that will decide the future of the country’s only refining capacity therefore continues under the same condition: no part of the deal takes effect without approval from the United States.
The transaction covers Gazprom Neft’s 56.15 percent stake in NIS, which is being acquired by Hungary’s MOL. It is the largest change of ownership in Serbia’s energy sector since the 2008 privatization, when the Russian company entered NIS. That same stake is now moving to a regional player, while Belgrade gains the chance to increase its own influence over a strategic resource.
Why the deal remains conditional
The shareholders’ agreement signed by the Serbian government and MOL takes effect only under two conditions that lie beyond Belgrade’s control. The first is the consent of Gazprom Neft as the seller, and the second is approval from OFAC, which keeps NIS under sanctions because of its Russian ownership. Until both conditions are met, the agreement remains binding on paper but without legal effect.
That is precisely why the new OFAC request is a substantive step rather than a formality. Without a fresh authorization, the negotiations and preparatory work for the ownership transfer have no cover, which would expose the producer to the risk of secondary sanctions. Extending the license is the instrument by which Washington keeps the entire process under control: each deadline is at once a lever and a measure of how much time the parties have to reach a deal.
For the operation of the Pancevo refinery and the NIS Petrol station network, the ownership question is not abstract. The supply of petroleum products, contracts with crude suppliers, and access to banking services all depend on whether the company is sanctioned or not. Every extension of uncertainty squeezes working capital and raises the cost of financing.
What the Serbian side gains
Under the deal, Serbia is buying an additional 5 percent of NIS shares, increasing its ownership in a company that anchors crude refining and is a significant taxpayer. While 5 percent is not a controlling block, combined with the state’s earlier holding it strengthens Belgrade’s negotiating position in the management of a strategic resource.
MOL, for its part, gains access to a market and refining capacity in a region where it already operates through its retail network. The Hungarian company thereby extends its upstream and downstream chain, but it also assumes the burden of regulatory uncertainty for as long as OFAC has not confirmed the transfer. The price of the stake, the payment structure, and the closing deadline all depend on when Washington issues a new authorization.
The next disclosure that changes the picture will be OFAC’s response to the filed request. Until then, the outcome remains tied to three counterparts whose interests do not fully align: the seller in Moscow, the buyer in Budapest, and the regulator in Washington. Will the new deadline bring the deal to a close, or only another extension of uncertainty for the refinery in Pancevo?
