Vucic: NIS License Extension to July 1 Likely the Last
Serbia's president said the latest 15-day OFAC license extension for oil firm NIS, running to July 1, could be the final one Washington grants, as MOL negotiates to buy out the Russian stake.
- OFAC extended the operating license for oil firm NIS to July 1, 2026, alongside an extension of MOL's license to negotiate a buyout of the Russian stake.
- Vucic said this 15-day extension could be the last Washington grants.
- Gazprom Neft holds 56.15% of NIS, while MOL is negotiating to acquire the majority block.
- A November 2025 budget amendment set aside roughly 1.4 billion EUR (164 billion RSD) for energy stability, tied to an earlier deadline, not to the July extension.
The U.S. Treasury’s Office of Foreign Assets Control (OFAC) has extended the operating license for Serbia’s national oil company NIS to July 1, 2026, while also extending Hungarian MOL’s license to continue talks on buying out the Russian stake. President Aleksandar Vucic said this latest 15-day extension could be the last one Washington grants.
The sanctions framework around NIS has dragged on for months, with each extension measured in short intervals. The reason is ownership: Russia’s Gazprom Neft holds 56.15 percent of the company, so without a sanctions waiver NIS cannot operate freely, source crude oil, or meet its obligations to partners. The license is, in effect, a temporary permit that buys the company time until the question of Russian ownership is resolved.
Why is each new deadline shorter than the last?
The logic behind the short extensions is pressure. Washington is signaling that it expects a resolution, not open-ended delay. Vucic’s assessment that this is likely the final extension reinforces that: the room for new waivers is narrowing, and the burden of the decision shifts to the Russian owner. MOL, which already operates in the regional fuels market, is negotiating to take over the majority block, but the outcome hinges on whether the Russian side will agree to sell before the deadline.
The open question remains the price and the timing of the transaction. If the Russian stake is not sold, the state needs a fallback to maintain energy stability, since NIS supplies most of the domestic market for petroleum products. That is precisely why, back in late 2025, a budget amendment submitted in November set aside roughly 1.4 billion EUR (164 billion RSD) for energy security and stability. That sum is earmarked for buying domestic financial assets if the Russian stake is not sold, and it is tied to an earlier deadline, not to the July license extension now under discussion.
Who carries the risk if the sale falls through?
The risk is spread across several parties. Gazprom Neft loses the ability to manage assets freely under sanctions. MOL has a limited window to complete due diligence and structure the buyout. The state, as a shareholder and as a guarantor of supply, must be ready to step in if the transaction collapses. Consumers and the broader economy would feel the effects of any disruption in supply, which is why the budget reserve is being held as a safeguard.
The next deadline, July 1, will test whether MOL has managed to agree terms with the Russian owner. If Vucic’s read that this is the last extension proves correct, the next OFAC announcement could bring either confirmation of the deal or the absence of a new waiver, which would push NIS into a far more complex operating position. Until then, the company is running on borrowed time.
Will the Russian side agree to sell the majority stake before July 1, or will Serbia have to activate the budget safeguard for energy stability?
