NIS has been granted a new special license by the US Treasury Department that allows the company to continue operating until 1 July, despite sanctions tied to its Russian ownership structure. The authorization covers essential activities for day-to-day operations, including crude oil imports, refinery processing, fulfillment of contractual obligations, maintenance work, and financial transactions. The new approval replaces a previous authorization that expired on 16 June.
In parallel, the US Office of Foreign Assets Control (OFAC) extended until 1 July a separate license that permits Hungary’s MOL Group to continue negotiations. The negotiations relate to a potential acquisition of GazpromNeft’s controlling stake in NIS. Both licenses were originally scheduled to expire in mid-June.
MOL-GazpromNeft deal conditions and NIS governance framework
Serbia’s ownership restructuring process has advanced after the country signed a shareholder agreement with MOL. The agreement sets out a governance framework for NIS in the event of a successful takeover. It would only take effect if MOL reaches a final deal with GazpromNeft and obtains the necessary approvals from OFAC.
Under the proposed ownership structure, Serbia would increase its stake in NIS by 5%. The timing and activation of the agreement are therefore linked to both the completion of the GazpromNeft transaction and the required OFAC clearances.
Pančevo refinery operating provisions under US sanctions
The document also includes provisions related to the future operation of the Pančevo refinery. It requires that processing volumes remain broadly in line with levels recorded prior to the introduction of US sanctions. These requirements are part of the conditions set out in the agreement covering the restructuring framework.
