The U.S. Treasury’s Office of Foreign Assets Control (OFAC) has authorized Hungarian energy group MOL and MOL Serbia to continue preparatory work until February 28, 2027, for a potential acquisition of the Russian-owned stake in Serbia’s NIS. The approval does not allow the ownership transfer, which would require a separate U.S. decision.
The permitted work includes procedures involving Russian-held securities and approvals from Russian authorities. Before MOL could complete the purchase and formally end Russian ownership and control of NIS, OFAC would have to issue a separate authorization. Sanctions approval remains the decisive regulatory condition for a transaction transferring the stake.
Negotiations involving Serbia, Hungary and Russia are continuing, with a previously stated objective of reaching an agreement by December 11. The extension gives the parties more time to address corporate, regulatory and Russian-government approvals, even if that negotiating target slips.
NIS is strategically important to Serbia’s domestic fuel supply and refining. The extension reduces immediate transaction pressure for Serbia but does not remove uncertainty over the company’s ownership. The deadline provides negotiating space, not certainty that a deal will occur; whether OFAC ultimately authorizes the transfer remains unresolved.