Archive · 2 Jan 2026
Serbia Hopes for Quick Russian Oil Firm Sale
Serbia's president hopes Russia and Hungary will quickly finish selling a big part of a Serbian oil company called NIS.
The US has sanctions on this company because it's mostly owned by Russians.
These sanctions made Serbia's only oil refinery stop working, which is a big problem because it supplies most of Serbia's fuel.
The US gave a temporary break, allowing the refinery to start working again until January 23.
The president says the refinery will be fully working by January 17.
The company is very important for Serbia because it gives jobs to many people and helps the country's money.
Russia is not selling the company to Serbia but is talking to a Hungarian company about the sale.
Serbian President Aleksandar Vucic hopes for a quick sale of NIS, a Serbian oil company majority-owned by Russian firms, to Hungarian company MOL.
US sanctions on NIS forced the shutdown of Serbia's sole oil refinery, which supplies 80% of the country's fuel needs.
The US granted NIS a temporary reprieve, allowing the Pancevo refinery to resume operations until January 23.
The refinery will start importing crude again on January 5 and resume full operations by around January 17.
NIS is crucial to Serbia's economy, employing 13,500 people and contributing over 2 billion euros in tax revenue (12% of the national budget).
- Who
- Serbian President Aleksandar Vucic, US, Russia, Hungary
- What
- Sale of Serbian oil company NIS, US sanctions, refinery operations
- When
- January 5 (refinery reopening), January 17 (full operations), January 23 (sanctions deadline)
- Where
- Serbia, Pancevo refinery
- Why
- US sanctions on Russian-owned NIS, ensuring fuel supply and economic stability
- Company
- Petroleum Industry of Serbia (NIS)
- Majority Owner
- Gazprom Neft and Intelligence (Russian)
- Stake for Sale
- 56%
- Potential Buyer
- MOL (Hungarian)
- US Sanctions Deadline
- January 23
- Refinery Reopening Date
- January 5
- Full Operations Resumption
- Around January 17
- NIS Employees
- 13,500
- NIS Tax Revenue (2024)
- 2 billion euros (12% of national budget)