Serbia’s president expects deal between Hungary and Russia over oil company

Serbian President Aleksandar Vučić has expressed optimism that an agreement will soon be reached between Hungary and Russia regarding the Serbian oil company NIS, allowing the firm to continue its operations. Speaking on Belgrade’s public television, Vučić said he expects a swift settlement between the Russian shareholders and the potential buyer—likely Hungary’s Mol Group.

U.S. sanctions and special licence

The company was hit by sanctions from the U.S. Treasury’s Office of Foreign Assets Control (OFAC) in October, as part of broader punitive measures targeting Russia’s energy sector. However, on 31 December, OFAC issued a special licence permitting NIS to continue operational activities until 23 January 2026, according to the Hungarian News Agency (MTI).

Operations to resume in early January

Under this licence, oil refinery operations can resume, crude oil imports are allowed, and certain financial transactions can proceed. The U.S. has also authorised NIS to negotiate the sale of Russian-owned refinery assets until 24 March 2026.

Vučić added that the restart of operations at the Pančevo refinery is expected on 5 January, the first working day after the shutdown, with the process likely to take at least two weeks. Serbia will also gain access to 85,000 tonnes of crude oil previously held at the Croatian port of Omišalj, as shipments via the Adria pipeline through Croatia can resume.

Mol’s role and ownership stakes

While Vučić stopped short of confirming that Mol will definitively purchase the Russian shares in NIS, he noted that “there is no doubt that Mol worked together with NIS and the Serbian state on the letter sent to OFAC, which enabled the company to obtain the operational licence and secure further crude oil supply.”

Russian energy giant Gazprom holds an 11.3% stake in NIS, while its subsidiary Gazprom Neft owns 44.9%. The Serbian government holds 29.87% of the company, with the remainder held by minority shareholders.

Read more in this topic:

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• Hungarian energy giant MOL emerges as frontrunner to buy Russian stake of Serbian oil company