Naftna Industrija Srbije has signed an agreement to sell its entire holding in NIS Petrol Romania, as part of a restructuring of a regional business constrained by US sanctions and Russian ownership. The Serbian company’s board approved the transaction during the second quarter of 2026. NIS has not disclosed the buyer or the financial terms. Completion is conditional on regulatory approvals and the necessary licences from the US Office of Foreign Assets Control.
Romania disposal and conditions for completion
The agreement covers NIS’s full stake in NIS Petrol Romania, which operates 19 filling stations. The Romanian subsidiary also holds interests in oil and gas exploration and production. NIS has indicated that closing depends on OFAC authorisation and on whether the deal is considered sufficient progress toward reducing sanctioned Russian control.
Bulgarian sale process and station footprint
NIS is also seeking to dispose of NIS Petrol Bulgaria. The Bulgarian operation runs 23 Gazprom-branded filling stations. Bulgaria’s competition authority later disclosed that Uni Energy had applied to acquire NIS Petrol Bulgaria.
Sanctions timeline and operational licensing
NIS has operated under US sanctions since January 2025 due to its Russian ownership structure. The company has relied on temporary authorisations to keep essential operations running. It has applied for another special licence beyond 31 July 2026 after considering withdrawal from both Romania and Bulgaria in February 2025.
Impact on supply, payments and Serbia’s fuel market
NIS’s sanctions exposure extends beyond ownership on paper, affecting access to crude supply, banking services, insurance, shipping, technology providers and cross-border payments. Any interruption could affect the Pančevo refinery and Serbia’s domestic fuel market, where NIS remains the dominant operator. The company’s regional network includes 384 filling stations in total, with 327 located in Serbia. Additional activities are carried out in Bosnia and Herzegovina, Romania and Bulgaria.
MOL talks over Russian-held interest in NIS
Hungarian oil group MOL has been negotiating a potential acquisition of the Russian-held interest in NIS. Such a transaction could provide a route to sanctions relief, but it would require agreement on valuation, governance and future strategic control. It would also need approval from several governments and regulators.
