Commodities October 30, 2026 01:16 PM

U.S. Grants Short Extension to Waiver Allowing Serbia’s NIS to Import Crude Until Dec. 11

OFAC waiver prolongs crude imports as divestment of Russian majority stake to MOL proceeds

By Caleb Monroe
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U.S. Treasury’s sanctions office has issued a new waiver enabling Serbian oil company NIS to continue crude oil imports until December 11, allowing time for the planned sale of the Russian majority stake to Hungary’s MOL. The move follows earlier sanctions imposed in October 2025 and multiple prior waivers intended to facilitate divestment of a combined 56% Russian holding.

U.S. Grants Short Extension to Waiver Allowing Serbia’s NIS to Import Crude Until Dec. 11
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Key Points

  • OFAC issued a new waiver allowing NIS to import crude oil until December 11 - impacts Serbia’s domestic fuel supply and refining sector.
  • The waiver supports the planned sale of the Russian majority stake in NIS to Hungarian energy company MOL - relevant to ownership and transactional interests in the regional energy market.
  • NIS supplies about 80% of Serbia’s market demand and imports crude from a broad range of countries, underscoring its critical role in the national energy infrastructure.

Serbia’s oil producer NIS has received a fresh waiver from U.S. sanctions authorities that runs until December 11, state broadcaster RTS reported on Friday. The exemption replaces a previous waiver from the U.S. Office of Foreign Assets Control that expires on Friday.

The renewed waiver permits NIS to keep importing crude oil pending the completion of a transaction that would transfer a Russian majority stake in the company to Hungarian energy firm MOL. The waiver is one in a series of temporary permissions granted by OFAC aimed at enabling the divestment of the Russian-held stake.


Sanctions background and divestment process

OFAC put sanctions on NIS in October 2025 as part of broader measures targeting Russia’s energy sector in response to the war in Ukraine. Since that designation, the office has extended multiple waivers to NIS so that the combined 56% stake controlled by Gazprom Neft and Gazprom can be sold to the Hungarian buyer.


Operational footprint and market role

NIS operates Serbia’s sole oil refinery and supplies the majority of the country’s fuel market. The company imports crude oil from a diverse set of countries including Kazakhstan, Azerbaijan, Nigeria, Guyana, Norway, the United States, Libya and Iraq. According to available information, NIS covers around 80% of domestic market demand in Serbia.


Implications and immediacy

The short-term waiver maintains the status quo for NIS operations while the divestment proceeds. The permission is narrowly tailored to allow continued crude imports until the sale of the Russian majority stake to MOL is completed, preserving refinery activity and fuel supply within Serbia for the duration of the extension.


Note: This article presents the current reported facts about the waiver, the sanctions designation and NIS’s operational profile as provided.

Risks

  • Timing and completion of the sale to MOL remains a source of uncertainty - any delay could require further waivers or disrupt planned divestment processes, affecting the energy and financial sectors.
  • Continuation of U.S. sanctions or changes in waiver policy represent a risk to NIS operations and Serbia’s fuel supply stability - implications for refining and downstream markets if permissions are not extended.
  • Dependence on imports from multiple countries exposes NIS and Serbia to supply-chain sensitivities; geopolitical or logistical disruptions in supplier countries could affect the domestic fuel market.

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