Finance
Russian-owned, US-sanctioned NIS restarts Serbia refinery
Published by Global Banking & Finance Review®
Posted on January 18, 2026
2 min readLast updated: January 19, 2026
Quick Summary
NIS has restarted its Serbian refinery after a US sanctions waiver, allowing crude oil imports. The refinery aims to produce diesel by January 27.
Russian-owned, US-sanctioned NIS restarts Serbia refinery
ATHENS, Jan 18 (Reuters) - The majority Russian-owned oil firm NIS has restarted a refinery in Serbia, resuming imports of crude oil after securing a waiver on sanctions imposed by the United States, Serbia's energy minister said on Sunday.
Energy Minister Dubravka Djedovic Handanovic said in an Instagram post that the refinery had been restarted after a pause of almost two months.
She said the first diesel to be produced by the refinery after the restart should be on the market by January 27. The U.S. Treasury Department's Office of Foreign Assets Control (OFAC) imposed sanctions on NIS - in which the majority stake belongs to Russia's Gazprom Neft and Gazprom - in October as part of broader measures targeting Russia's energy sector over Moscow's war in Ukraine.
NIS had until late March to negotiate the divestment of the stakes held by the Russian firms and it is in the midst of negotiating a sale to Hungary’s MOL.
Hungarian Foreign Minister Peter Szijjarto said on Thursday that he expects that the initial deal for the sale will be approved by OFAC in the coming days.
NIS, which operates the only oil refinery in Serbia, was granted a sanctions reprieve by OFAC until January 23, allowing it to import crude oil through Croatia’s JANAF pipeline.
Gazprom and Gazprom Neft own 11.3% and 44.9% of NIS, respectively. The Serbian government has a 29.9% stake.
(Reporting by Aleksandar Vasovic; Additional reporting by Lefteris Papadimas; Editing by Tom Hogue)
Key Takeaways
- •NIS, majority-owned by Russian firms, restarts Serbian refinery.
- •US sanctions waiver allows NIS to resume crude oil imports.
- •Serbia's only refinery resumes after a two-month pause.
- •NIS negotiating stake sale to Hungary's MOL.
- •OFAC granted NIS a sanctions reprieve until January 23.
Frequently Asked Questions about Russian-owned, US-sanctioned NIS restarts Serbia refinery
1What is a refinery?
A refinery is an industrial facility where crude oil is processed and transformed into various petroleum products, such as gasoline, diesel, and jet fuel.
2What are economic sanctions?
Economic sanctions are restrictions imposed by countries or international organizations to influence a nation's behavior, often targeting trade, financial transactions, or specific industries.
3What is crude oil?
Crude oil is a natural, unrefined petroleum product composed of hydrocarbon deposits and other organic materials, used as a primary source of energy and in the production of fuels.
4What is Gazprom Neft?
Gazprom Neft is a major Russian oil company, a subsidiary of Gazprom, involved in the exploration, production, and refining of oil and gas.
5What is a sanctions waiver?
A sanctions waiver is an official exemption that allows a company or entity to engage in activities that would typically be restricted under imposed sanctions.
