OFAC extends deadline for negotiations with NIS until March 24

The U.S. Office of Foreign Assets Control (OFAC) has issued a new license to the company NIS, allowing negotiations on the sale of the Russian stake with an extended deadline until March 24.

At the same time, OFAC has not authorized NIS to continue regular business operations during this period.

Under the previous license, OFAC granted NIS a deadline to change its ownership structure by February 13, 2026.

Due to a lack of crude oil supply caused by U.S. Treasury Department sanctions imposed on October 9 over the company’s majority Russian ownership, the refinery has been operating in a warm circulation mode since November 25, enabling faster and easier resumption of production.

Earlier today, Serbian President Aleksandar Vučić stated that he has not yet seen a solution for NIS mentioned by a Russian portal (referring to MOL) that would satisfy both the Russian and Serbian sides. He stressed that Serbia’s problem will not be solved merely by extending the deadline for negotiations for the Russian side, and that the issue must be resolved quickly because “the clock is ticking” for Serbia.

According to Vučić, there are talks suggesting that something may happen, but nothing has yet occurred that would give reason for optimism.

“I still haven’t seen a solution. Extending the deadline for their negotiations is one thing, but we have a problem because we cannot import six tons of diesel per day. That is impossible for us. We are covering everything from current reserves, which is why I am not happy. We have major problems—it is remarkable that we have managed to last 76 days without a single drop of oil arriving through the pipeline,” Vučić said.