Oil company NIS has received a new special license from the US Treasury Department, allowing it to continue operating until 1 July, despite ongoing sanctions linked to its Russian ownership structure.
The license authorizes NIS to carry out essential activities required for its day-to-day operations, including crude oil imports, refinery processing, fulfillment of contractual obligations, maintenance work, and financial transactions. The approval replaces a previous authorization that expired on 16 June.
In parallel, the US Office of Foreign Assets Control (OFAC) has also extended until 1 July the license permitting Hungary’s MOL Group to continue negotiations regarding the potential acquisition of GazpromNeft’s controlling stake in NIS. Both authorizations were originally set to expire in mid-June.
The ownership restructuring process has advanced further following Serbia’s signing of a shareholder agreement with MOL, which outlines a governance framework for NIS in the event of a successful takeover.
The agreement would only come into force if MOL reaches a final deal with GazpromNeft and obtains the necessary approvals from OFAC. Under the proposed structure, Serbia would increase its ownership stake in NIS by 5%.
The document also includes provisions related to the future operation of the Pančevo refinery, requiring that processing volumes remain broadly in line with levels recorded prior to the introduction of US sanctions.
