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The United States has granted Serbia's Russian-controlled oil company NIS a fresh 15-day sanctions waiver, allowing it to continue importing and processing crude oil while negotiations over its ownership structure continue.
NIS said Tuesday that the U.S. Treasury Department issued a new specific license extending the company's ability to operate until July 1, postponing the threat of sanctions that Washington has repeatedly delayed since early 2025.
“The U.S. Department of the Treasury issued a new specific licence to NIS, which allows the company to continue operating activities until July 1,” the company said in a statement.
According to NIS, the license permits the continuation of business operations, contracts and other agreements involving the company and its subsidiaries.
The latest extension comes as negotiations continue over a possible sale of the Russian-held stake in NIS to Hungarian energy company MOL.
MOL confirmed Tuesday that discussions with Russia's Gazprom Neft remain ongoing regarding the acquisition of its 56.15% stake in NIS.
“MOL Group continues negotiations with Gazprom Neft regarding the acquisition of its 56.15 percent stake in NIS,” the company said in a statement.
The Hungarian company also revealed that it has signed a shareholders' agreement with the Serbian government that would govern the future management of NIS if the acquisition receives approval from the U.S. Treasury's Office of Foreign Assets Control (OFAC).
OFAC had previously set June 16 as the deadline for completing the transaction.
Under the proposed arrangement, the Serbian government would increase its stake in NIS by an additional 5%, while the company's refinery in Pancevo would continue operating at current capacity levels for at least the next decade.
Serbian Energy Minister Dubravka Djedovic Handanovic said the refinery's operations would be maintained at levels comparable to those recorded during the four years preceding the introduction of U.S. sanctions.
NIS remains one of Serbia's most important energy companies, supplying approximately 80% of the country's fuel market.
The company is majority-owned by Russia's Gazprom Neft and its affiliated entity Gazprom, which together control around 56% of shares. The Serbian government holds nearly 30%, with the remainder owned by minority shareholders.
Gazprom Neft is already subject to U.S. sanctions.
Earlier this month, Serbian President Aleksandar Vucic warned that time was running out to resolve the issue.
“I think we are reaching the end of American patience,” Vucic said.
Serbian officials have previously acknowledged difficulties in the negotiations, particularly regarding the future of the Pancevo refinery, which Belgrade considers a strategic asset and wants included in any agreement.
MOL remains the only publicly identified bidder.
NIS temporarily halted production at the Pancevo refinery, Serbia's only oil refinery, in December after sanctions-related restrictions disrupted crude oil supplies.
Operations later resumed under a temporary U.S. license, but the interruption underscored Serbia's vulnerability to potential sanctions and energy supply disruptions.
The issue has placed Belgrade in a delicate position as it seeks to balance its close ties with Russia against growing pressure from Washington.
Serbia remains one of the few European countries that has not joined Western sanctions against Russia following Moscow's invasion of Ukraine.
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