US Extends Sanctions Waiver for Serbian Oil Firm

Jul 1, 2026

70 min

Jul 1, 2026 09:31

US extends sanctions waiver of Serbia oil firm

## Waiver Extension Amid Stake Sale Talks

The United States has prolonged a sanctions waiver for the Petroleum Industry of Serbia (NIS), allowing more time for ongoing negotiations over the sale of its Russian-held stake. This decision was made by the US Treasury's Office of Foreign Assets Control, which extended the waiver for an additional 30 days, set to expire on July 31.

## Background on Sanctions

NIS has been under US sanctions since January 2025, part of broader measures targeting the Russian energy sector following the invasion of Ukraine. The US has stipulated that Gazprom Neft and its affiliate, both part of Gazprom, must divest their 56% stake in NIS to lift these sanctions.

## Negotiations with MOL

The Serbian oil firm has been in discussions with Hungary's MOL regarding the sale of the stake. The US has repeatedly extended the waiver to facilitate these talks. MOL confirmed that its negotiation license has also been extended until the end of July.

## Serbia's Position

Serbia, a close ally of Russia, has not imposed sanctions on Moscow. The country sold a majority stake in NIS to Gazprom in 2008. Currently, Serbia holds about 30% of NIS and plans to increase its stake by 5% following the sale. A shareholders' agreement has been signed between MOL and the Serbian government, outlining future governance of NIS if the deal proceeds and gains US approval.

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