Key facts
- Serbia has secured a 30-day U.S. sanctions waiver for its Russian-owned oil company NIS.
- The waiver permits NIS to import crude oil until August 28.
- Hungary's MOL is in negotiations to acquire the majority stake in NIS.
- NIS operates Serbia's sole oil refinery, which supplies approximately 80% of the country's fuel demand.
- The U.S. had previously sanctioned NIS as part of broader measures against Russia's energy sector.
Serbia has secured a temporary 30-day sanctions waiver from the United States for its Russian-owned oil company NIS, allowing it to continue importing crude oil until August 28. Energy Minister Dubravka Djedovic Handanovic stated that the extension provides crucial time for Hungary's oil and gas firm MOL to finalize its purchase of the majority stake in NIS. President Aleksandar Vucic expressed optimism that the deal with MOL would be completed soon. The U.S. had imposed sanctions on NIS in October as part of broader measures against Russia's energy sector due to the war in Ukraine. NIS operates Serbia's sole oil refinery in Pancevo, which meets approximately 80% of the country's fuel demand and imports crude oil via Croatia's Janaf pipeline. Other fuel imports to Serbia faced challenges in July, falling to 25% of the monthly target due to record-low water levels on the Danube River impacting barge and tanker capacity.