Russian Owner of Serbian NIS Ready to Transfer Control to a Third Party

Russian owners of Serbian NIS (a company of Gazprom Neft) have sent a request to the U.S. Office of Foreign Assets Control (OFAC) for an extension of the company’s license based on negotiations with a third party, as reported by the Serbian Ministry of Mining and Energy. Serbian Minister Dubravka Djedovic-Handanovic informed the Serbian TV channel RTS about the Russian side’s readiness to transfer influence and control over NIS to a third party. ‘Serbia officially supported this request. OFAC has already responded with certain comments, and we hope they will present their position within a week,’ emphasized Djedovic-Handanovic. NIS, a subsidiary of Gazprom Neft, was included on the U.S. SDN List in early 2025. In response, Serbian President Aleksandar Vucic stated that the U.S. demanded a complete withdrawal of Russian capital from NIS. However, he highlighted that Serbia handed over control to Gazprom Neft in 2008 and the company has contributed significantly to Serbia’s budget revenue and various projects over the years. Currently, the main shareholders of NIS are Gazprom Neft (44.85%) and the Serbian government (29.87%), with an additional 11.3% of NIS shares owned by Intelligence AD (managed by Gazprom Capital LLC). Gazprom PJSC holds one share of NIS directly, and the Serbian company also has minority shareholders. NIS is the only company in Serbia engaged in the exploration and production of hydrocarbons, owning a large refinery in Pancevo. The company dominates the oil products market in the country, with gas stations also present in Bosnia and Herzegovina, Bulgaria, and Romania, totaling over 400 stations.