The US Treasury’s Office of Foreign Assets Control (OFAC) has issued a new license to Serbian oil company NIS, allowing negotiations on the sale of the Russian ownership stake to continue until 24 March. However, the license does not permit regular business operations during this interim period.
The decision provides additional time for discussions but keeps NIS in a constrained position, as normal activities remain restricted while talks with potential buyers proceed. Serbian President Aleksandar Vučić stated that no concrete proposal acceptable to both the Serbian and Russian sides has been presented, despite reports suggesting possible involvement by Hungary’s MOL. He stressed that extending the negotiation deadline does not resolve Serbia’s core energy problem.
President Vučić also highlighted mounting pressure on fuel supplies, noting that Serbia cannot import the diesel quantities it normally requires on a daily basis and is relying on existing reserves to meet demand. While ongoing talks hint at a potential breakthrough, he emphasized that nothing concrete has materialized to provide reassurance.
The situation has grown increasingly difficult, as Serbia has gone over two and a half months without crude oil deliveries through its main pipeline. Vučić stressed that the issue must be resolved quickly, warning that delays will further weaken the country’s energy security.