Serbia moves toward deal on Russian stake in oil giant NIS

Serbia is nearing a potential agreement with Hungarian energy group MOL over the purchase of the remaining Russian stake in Naftna Industrija Srbije (NIS), a deal that could reshape ownership of one of the country’s key energy assets amid ongoing Western sanctions pressure.

Serbia’s Minister of Mining and Energy, Dubravka Jedović-Khandanović, said negotiations with MOL were expected to conclude around May 16. She indicated that the talks would define shareholder rights and obligations, and that finalisation of the agreement would likely enable the transfer of necessary information to U.S. authorities for regulatory approval, Caliber.Az reports via Russian media.

She also stressed that MOL would be required to maintain a certain level of fuel production at NIS facilities, highlighting the strategic importance of domestic refining capacity. According to the minister, recent energy disruptions have underscored the vulnerability of countries that rely heavily on fuel imports rather than domestic refining infrastructure.

The discussions stem from a broader restructuring effort involving Russian energy interests in the company. In January 2025, Gazprom Neft and Hungarian energy group MOL signed a memorandum of understanding on the potential sale of a stake in NIS. At the same time, Serbia has expressed interest in increasing its own ownership share by 5%, which would give it greater influence over corporate decision-making.

MOL has also reportedly been in talks with Abu Dhabi’s ADNOC about bringing the Emirati firm in as a minority shareholder, further internationalising the ownership structure of the Serbian energy company.

The restructuring is closely linked to U.S. sanctions imposed on NIS. In January 2025, the U.S. Treasury Department placed the company and its majority shareholder, Gazprom Neft, on its sanctions list. The measures took effect in October of the same year, putting pressure on ownership and operational arrangements.

Serbian officials have since confirmed that Russian shareholders informed U.S. authorities in November 2025 of their readiness to transfer control of the company to a third party. The U.S. Office of Foreign Assets Control (OFAC) has meanwhile extended NIS’s operating licence until June 16, 2026, providing a limited window for restructuring negotiations to be completed.

By Sabina Mammadli