The move marks a rare Russian concession amid Western pressure on Moscow’s European energy footholds.
Russia’s Gazprom Neft and Gazprom have formally notified the U.S. Treasury’s Office of Foreign Assets Control (OFAC) of their willingness to relinquish control of Serbia’s majority-Russian-owned oil giant NIS to a third party, as crippling sanctions halt crude supplies and risk winter fuel shortages in the Balkan nation, Energy Minister Dubravka Đedović Handanović announced Tuesday.
“The Russian side is ready to give up control and influence over NIS to a third party,” Đedović Handanović posted on Instagram, revealing that Serbia has officially backed the request for a sanctions waiver extension tied to ongoing negotiations.
OFAC has already replied with “certain comments,” and Belgrade hopes for a final decision this week, she added, warning: “Time is running out… The citizens must not suffer and run out of fuel.”
Gazprom Neft holds 44.9% of NIS, with Gazprom owning 11.3% and the Serbian government 29.9%, giving Russians effective majority control since a controversial 2008 privatisation deal worth €400 million plus investments.
NIS operates Serbia’s sole refinery in Pančevo (4.8 million tons annual capacity), supplying over 80% of domestic fuels via 400+ stations across the region.
U.S. sanctions on Russia’s oil sector, imposed January 2025 and targeting Gazprom Neft, took full effect October 8 after multiple delays, freezing NIS payments and stopping crude deliveries via Croatia’s JANAF pipeline.
Officials warn the refinery can run only until 25 November without new oil, though stockpiles may avert immediate shortages.
Speculation swirls over potential buyers. Hungarian MOL has been floated as a management intermediary, or firms from UAE, to skirt sanctions without full sale.
President Aleksandar Vučić, who has lobbied the incoming Trump administration for relief, insists there is no “energy crisis” but vows to protect Serbian interests.
The move marks a rare Russian concession amid Western pressure on Moscow’s European energy footholds, as NIS contributes up to 9% of Serbia’s budget.
Earlier this year, a brief project halt over forged documents underscored tensions.As winter looms, resolution hinges on OFAC approval—failure could spike prices and force imports, echoing our prior coverage of sanctions’ October blow to energy security.