US extends licence for Russian-owned Serbian refinery

24 February 2026

US extends licence for Russian-owned Serbian refineryesfera/Shuttterstock.com

Serbia’s Minister of Mining and Energy has announced that the Serbian Oil Industry (NIS), a Russian-owned energy company which operates Serbia’s only oil refinery, has received an additional 30-day waiver from US sanctions.

OFAC designated NIS in January 2025 because it is a subsidiary of Gazprom Neft, a Russian energy company. Gazprom Neft reportedly provisionally agreed to sell NIS to the Hungarian MOL group in January 2025. Those negotiations continue.

Michael O'Kane

Michael is Senior Partner at Peters & Peters Solicitors LLP. He has acted in many of the most high profile and sensitive business crime cases of the last 25 years, at Peters & Peters and as a prosecutor. Michael was called…

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