NIS Seeks New OFAC License to Operate Past July 1

Serbia’s oil company NIS has filed a fresh request with the U.S. Treasury’s Office of Foreign Assets Control (OFAC) for a special license that would let it keep operating past July 1, 2026. The current authorization, granted on June 16, expires on that date, and without a new extension the company would not formally be allowed to trade.

In the application, NIS stresses its importance for the orderly supply of the domestic market and for Serbia’s energy stability. It is an argument the company has been repeating since late last year: the Pancevo refinery processes crude oil for most of the country’s fuel consumption, so any lapse past the deadline without a valid license directly threatens the supply chain.

Why the company is asking for the extension itself

The core issue is that the ownership structure has still not been settled. The purchase agreement between Hungary’s MOL and Gazpromneft for a 56.15 percent stake in NIS has not been finalized, which leaves the company in a grey zone: still under Russian control, and therefore still under sanctions. OFAC sanctioned NIS on October 9, 2025, precisely over that Russian majority ownership, and has since extended the operating license several times, most recently on June 16.

By filing the request itself, NIS is trying to buy time until the transaction closes. The extensions so far have come on short terms, a few weeks at a time, which gives the company no room to plan procurement or capital investment and instead keeps it on a constant countdown. The new request was submitted formally, ahead of the deadline, a shift from earlier rounds when the decision from Washington came down to the last day.

Serbia’s mining and energy ministry also signed an agreement with the MOL group on June 16 over the future management of NIS, but it is conditional on MOL and Gazpromneft reaching a deal that OFAC approves. Until that happens, every license remains a stopgap rather than a lasting guarantee.

Who loses if the license does not arrive in time?

The biggest risk falls on the domestic fuel market. The Pancevo refinery is the central supply point, and a shutdown caused by a lapsed license would hit distribution at filling stations and prices at the pump. On the other side, MOL and Gazpromneft have an interest in closing the deal before the short licenses turn into an obstacle, since each delay adds uncertainty over the value of the stake and the terms of sale.

For the company itself, repeated short-term extensions mean harder access to partners and crude supply, because relationships with foreign suppliers depend on a clear and sufficiently long authorization. The next turning point is OFAC’s decision on the new request, expected before July 1. Will Washington grant a longer term this time, or will NIS keep operating week to week?