US extends licence for Serbia’s NIS oil company by two months

The United States has extended a sanctions waiver allowing Serbia’s energy company Naftna Industrija Srbije (NIS) to continue operations for a further two months, until June 16.

The decision was taken by the Office of Foreign Assets Control (OFAC), according to Serbia’s Minister of Mining and Energy, Dubravka Đedović Handanović, as reported by Radio Television of Serbia.

The licence enables NIS to maintain its operational activities despite sanctions imposed by the US in October 2025. Authorities in Serbia say the extension is critical to ensuring the stability of the oil sector, including crude supply to the Pančevo Oil Refinery and uninterrupted fuel provision to the domestic market.

Đedović Handanović said the move was vital for preserving jobs and safeguarding the country’s energy security.

Washington has previously linked the potential lifting of sanctions to the full withdrawal of Russian shareholders. NIS’s ownership structure currently includes Gazprom Neft with a 44.9% stake and Gazprom holding 11.3%, alongside the Serbian government’s 29.9% share and minority investors.