Finance
Serbia's NIS seeks new sanctions waiver to allow crude oil imports
Published by Global Banking & Finance Review®
Posted on February 13, 2026
2 min readLast updated: February 13, 2026
Quick Summary
Serbia's NIS seeks a U.S. sanctions waiver to continue crude oil imports while awaiting a sale to Hungary's MOL, crucial for Serbia's economy.
Serbia's NIS seeks new sanctions waiver to allow crude oil imports
NIS and the Sanctions Waiver
BELGRADE, Feb 13 (Reuters) - Serbia's Russian-owned NIS oil company has sought another sanctions waiver from the United States to allow crude imports, while it awaits the completion of a sale to Hungary's MOL, the company said in a statement on Friday.
Background on NIS and Sanctions
Apart from operating Serbia's only oil refinery in the northern town of Pancevo, NIS supplies 80% of fuel needs in the Balkan country.
Details of the Waiver Request
The U.S. Office of Foreign Assets Control imposed sanctions on NIS in October as part of broader measures targeting Russia's energy sector over Moscow's war in Ukraine.
Stake Sale and Economic Impact
Last December, however, the U.S. office gave NIS until late March to negotiate the divestment of majority stakes held by Russia's Gazprom Neft and Gazprom.
In its statement on Friday, the company said that the motion to the U.S. Office of Foreign Assets Control was filed on February 12. It did not specify the duration of the requested waiver.
A previous waiver expires on February 20.
"NIS emphasises the importance of the regular work of the company for the economy of ... Serbia," it said.
"The extension of the operating licence would provide the necessary timeframe for interested parties to finalise these discussions."
On January 19, Hungary's MOL said it signed a binding agreement with Russian companies to buy their stake in NIS.
Gazprom and Gazprom Neft hold 11.3% and 44.9% stakes in NIS, respectively. The Serbian government has a 29.9% stake, while the remainder belongs to small shareholders and employees.
(Reporting by Aleksandar Vasovic; Editing by Barbara Lewis)
Key Takeaways
- •NIS seeks a new U.S. sanctions waiver for crude imports.
- •NIS is awaiting a sale to Hungary's MOL.
- •U.S. sanctions target Russia's energy sector.
- •Gazprom Neft and Gazprom hold significant stakes in NIS.
- •The waiver is crucial for Serbia's economy.
Frequently Asked Questions about Serbia's NIS seeks new sanctions waiver to allow crude oil imports
1What is crude oil?
Crude oil is a naturally occurring, unrefined petroleum product composed of hydrocarbon deposits and other organic materials. It is a primary source of energy and raw materials for various industries.
2What is Gazprom Neft?
Gazprom Neft is a Russian oil company and a subsidiary of Gazprom, which is involved in the exploration, production, and refining of oil and gas.
3What is the U.S. Office of Foreign Assets Control?
The U.S. Office of Foreign Assets Control (OFAC) is a financial intelligence and enforcement agency of the U.S. Department of the Treasury that administers and enforces economic and trade sanctions.
