BELGRADE, Jan. 19 (Xinhua) -- Serbia has reached a preliminary agreement with Hungary's MOL Group and Russia's Gazprom Neft on the sale of a majority stake in Serbian oil company NIS, a move aimed at safeguarding the Balkan country's energy security amid international sanctions on Russian entities.
The deal, announced Monday by Serbian Minister of Mining and Energy Dubravka Djedovic Handanovic, would see MOL acquire the 56.15 percent stake currently held by Gazprom Neft and other Russian shareholders in NIS.
The transaction marks a strategic shift for Belgrade, which has faced growing pressure to curb Russian influence in its energy sector following sanctions imposed by the United States and the European Union (EU) in connection with the conflict in Ukraine.
Under the proposed agreement, the Serbian government will also raise its ownership stake in NIS by five percentage points. The increase is expected to grant Serbia greater voting power and a more substantial role in corporate governance than under the original 2008 privatization arrangement.
The United States first imposed sanctions on NIS in January 2025, describing it as part of Moscow's strategic energy network in Europe. Since being placed on the U.S. Specially Designated Nationals (SDN) list, NIS had operated under eight temporary waivers from the U.S. Treasury's Office of Foreign Assets Control (OFAC). After the final extension expired in October last year, a new temporary license was granted on Dec. 31, 2025, valid until Jan. 23, 2026, to allow the company to resume essential operations during ongoing ownership transition talks.
In a statement issued on Monday in Budapest, MOL confirmed the signing of a binding Heads of Agreement, saying the deal is intended to ensure uninterrupted energy supplies to regional markets.
The parties are working toward a March 24, 2026 deadline set by OFAC for negotiation, with the goal of signing a final sale and purchase agreement by March 31, 2026, said the statement.
