The United States has given Serbia three months to find a new owner for the Oil Industry of Serbia (NIS), majority-owned by Russian companies Gazprom Neft and Gazprom, which are under US sanctions.
Serbian Minister of Mining and Energy Dubravka Đedović-Handanović said that the US Treasury Department, through the Office of Foreign Assets Control (OFAC), has informed Serbia that it does not accept a partial takeover of NIS, but demands the complete exit of the Russian owners from the company.
“Approval has been received for negotiations on ownership until February 13. In the meantime, the company and its refinery will not be allowed to operate,” Đedović-Handanović said, according to Hina.
The sanctions, which came into effect on October 8, 2025, are part of a broader package of measures against the Russian energy sector. The sanctions against NIS were previously postponed four times, and have now finally been activated, leaving NIS without the possibility of further postponement.
Due to the sanctions, banks have stopped processing NIS payments, and the Croatian oil pipeline JANAF has stopped delivering crude oil.
According to estimates, the refinery can operate until November 25th at the latest without new deliveries.
Minister Đedović-Handanović stated that it is possible for Serbia to take over NIS, although President Aleksandar Vučić has expressed opposition to this option. The possible solution will be discussed at a government session scheduled for Sunday.
The current ownership structure of NIS includes a 44.9 percent stake owned by Gazprom Neft, 11.3 percent by Gazprom, 29.9 percent by the Serbian government, while the rest belongs to small shareholders and employees.
