US Extends Waiver for Russian-Controlled Serbian Oil Firm as Exit Talks Drag On

Washington has extended a crucial operating license for Serbia’s Russian-majority-owned oil company NIS for another month, keeping the country’s only refinery running as negotiations continue over removing Moscow’s controlling stake. The US Treasury Department’s Office of Foreign Assets Control (OFAC) extended the license through Oct. 30, Serbia’s government announced Wednesday.JOIN US ON TELEGRAMFollow our coverage of the war on the @Kyivpost_official. The waiver allows NIS to continue operating the Pančevo refinery, importing crude oil and conducting transactions necessary to maintain Serbia’s fuel supplies despite US sanctions imposed over the company’s Russian ownership. Russian Stake Still on the Table Russian companies Gazprom Neft and Gazprom together control about 56% of NIS, while the Serbian government owns 29.9%. The remaining shares are held by minority shareholders and employees. Washington has been pressing for the Russian stake to be divested, with Hungarian energy group MOL negotiating a potential takeover. Serbian Energy Minister Dubravka Đedović Handanović said talks between OFAC and MOL over the transaction were continuing and needed additional time. “We have completed our part of the work when it comes to the agreement between the shareholders, if MOL takes over NIS and the US approves it,” she said. Until a deal is completed, Belgrade will continue taking measures to maintain fuel supplies and limit potential market disruptions, she added. Other Topics of Interest Pentagon Commits Nearly All $400M in Ukraine Aid a Day Before Deadline Senator Chris Coons criticized the Pentagon for waiting until the last day, saying the defense department does not brief lawmakers on time or follow the law. NIS is particularly important to Serbia because its Pančevo refinery is the country’s only oil refinery and supplies a large share of the domestic fuel market. The company has repeatedly received temporary US sanctions waivers while negotiations over its ownership continue. The latest extension follows a previous waiver granted in August that allowed NIS to operate through Sept. 30. Serbia has also released 5,000 metric tons of diesel from state reserves amid high fuel prices, logistical problems and low water levels on the Danube that have complicated imports. Đedović Handanović said keeping the Pančevo refinery running at maximum capacity was particularly important ahead of the winter heating season. Serbia Still Reliant on Russian Gas While Washington is pushing Russian ownership out of Serbia’s oil sector, Belgrade remains heavily dependent on Moscow for natural gas. Serbia and Russia separately agreed Wednesday to extend their existing gas arrangement for another three months, through the end of 2026, AFP reported. The head of state-owned Srbijagas, Dušan Bajatović, said Gazprom would continue supplying Serbia under the same favorable conditions. Kyiv Post is Ukraine’s first and oldest English news organization, reporting since 1995. Its international reach – 97% of readers are outside of Ukraine – make it truly Ukraine’s global voice.