The U.S. Treasury Department has issued a license to the Serbian oil company NIS, allowing it to negotiate the sale of the Russian owner’s stake until March 24, 2026, the state broadcaster RTS reported on Wednesday. The license, however, does not include permission to handle crude oil, meaning NIS cannot buy or process oil.
Russian Gazprom holds an 11.3% stake in NIS, while its sanctioned oil unit Gazprom Neft owns 44.9%. The Serbian government owns 29.9%, with the remainder held by small shareholders and employees.
Serbian President Aleksandar Vučić said that the Russians are negotiating with Hungarian company MOL over a potential sale of the majority stake in NIS, emphasizing that this is a political as well as an economic matter.
Analysts say NIS is a “center of gravity” for Russia in the Balkans and that Moscow uses the company to strengthen its geopolitical influence in the region. U.S. sanctions on NIS were imposed to prevent Russia from using energy revenues to finance the war in Ukraine.
In 2008, the Serbian state sold 51% of NIS to Gazprom Neft for €400 million, without a tender, and the company has been operated by the Russian firm since then. Local experts note that Russian influence in NIS extends through cultural and sports sponsorships, including football and basketball clubs, as well as financial support for festivals and the Temple of Saint Sava in Belgrade.
NIS is the only company in Serbia engaged in oil exploration, production, and refining, as well as natural gas production. It employs over 13,000 people and operates more than 320 gas stations across the country.
The U.S. license allows negotiations for the sale of the Russian stake, but not the transfer of funds from the sale to Russia, nor approval from Moscow for the transfer. Serbia, meanwhile, stresses that nationalization of NIS is not an option and that it will respect Russia’s ownership rights.