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Serbia Supports Talks With Hungary's Mol Over Sale of Sanctioned Nis Oil Firm
Published by Global Banking & Finance Review®
Posted on December 25, 2025
2 min readLast updated: January 20, 2026
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Serbia supports the sale of NIS oil firm to Hungary's MOL amid sanctions. Discussions are ongoing with a deadline set by OFAC.
Serbia Endorses NIS Oil Sale Discussions with Hungary's MOL
BELGRADE, Dec 25 (Reuters) - Serbia supports talks over the sale of a majority stake in the country's sanctioned NIS oil company currently taking place between its Russian owners and Hungary's MOL, the Tanjug news agency reported on Thursday, citing Serbia's energy minister.
"The Hungarian government supported those talks, and we, as the government ... will also provide support to find a solution for the removal of sanctions," Tanjug quoted Dubravka Djedovic Handanovic as saying.
Russia's Gazprom has an 11.3% stake in NIS, while its sanctioned oil unit Gazprom Neft holds 44.9%. The Serbian government has 29.9%, with the remainder held by small shareholders and employees.
Serbian President Aleksandar Vucic said on Tuesday that MOL was in talks with the Russian shareholders over the possible stake sale.
On Wednesday, the U.S. Office of Foreign Assets Control granted NIS until March 24 to negotiate the sale of its Russian owner's stake, but did not approve an operating licence that would allow it to buy and process crude oil.
The OFAC imposed sanctions on NIS in October, as part of broader measures against Russia's energy sector, following a series of waivers granted since January.
The sanctions have halted crude supplies via Croatia's JANAF pipeline, shutting down production at the NIS refinery in the Serbian town of Pancevo, the only such facility in the Balkan country.
(Aleksandar Vasovic; Editing by Kirsten Donovan )
Key Takeaways
- •Serbia supports talks for NIS oil sale to Hungary's MOL.
- •NIS is under sanctions impacting its operations.
- •Gazprom Neft holds a significant stake in NIS.
- •OFAC has set a deadline for negotiations.
- •NIS refinery operations are currently halted.
Frequently Asked Questions about Serbia supports talks with Hungary's Mol over sale of sanctioned NIS oil firm
1What is NIS?
NIS stands for Naftna Industrija Srbije, which is Serbia's state-owned oil company involved in oil and gas exploration, production, and refining.
2What is Gazprom?
Gazprom is a Russian state-owned gas company, one of the largest producers of natural gas in the world, and holds a stake in NIS.
3What is MOL?
MOL is an integrated oil and gas company based in Hungary, involved in exploration, production, refining, and distribution of oil and gas products.
4What is the role of the U.S. Office of Foreign Assets Control (OFAC)?
The U.S. Office of Foreign Assets Control (OFAC) administers and enforces economic and trade sanctions based on U.S. foreign policy and national security goals.
