Hungary expects a deal to sell Russian interests in Serbian oil company NIS by 11 December 2026, with Hungarian oil group MOL identified as a potential buyer. The transaction has not been completed and would require applicable sanctions clearance and regulatory approvals.
Officials from Hungary, Serbia and Russia are pursuing a commercial arrangement to dispose of NIS interests associated with Russian energy group Gazprom. The deadline is linked to temporary authorisation from the US Treasury’s Office of Foreign Assets Control (OFAC), which permits negotiations on the sale of the sanctioned Russian company’s interest.
Potential impact on regional oil markets
An acquisition would expand MOL’s position in Southeast European refining and fuel distribution. The group would need to assess that potential strategic benefit alongside sanctions compliance, financing and integration requirements, while the commercial outcome remains uncertain.
NIS operates the Pancevo refinery, a key asset for Serbia’s petroleum products market and nearby fuel supply chains. A change of ownership could also affect the commercial balance around crude-oil transport. Croatian pipeline operator JANAF supplies infrastructure used by the refinery, making access, tariffs and contractual arrangements relevant to regional sector economics.
Serbia’s immediate priorities are continuity of crude procurement, refinery operations and domestic fuel supply. The negotiations are unfolding as restrictions on Russian energy tighten: a separate exemption for purchases from Lukoil and Rosneft is due to expire on 21 November, while European policy is moving toward phasing out Russian gas imports by autumn 2027.
