Serbia has secured a US sanctions waiver for its Russian-owned oil company Naftna Industrija Srbije (NIS), Energy Minister Dubravka Djedovic Handanovic said on July 31, according to Serbian state television RTS and the Reuters news agency. The minister’s statement was first carried by RTS and later confirmed by international wire services.
The waiver extends temporary relief for NIS, which is majority-owned by Russia’s Gazprom Neft. Washington sanctioned Gazprom Neft and Surgutneftegas in January 2025, and NIS, due to its Russian ownership structure, faced the risk of being cut off from international payments and banking services.
Since the sanctions were imposed, the United States has granted Serbia a series of short-term waivers, typically lasting from 30 to 90 days, to give Belgrade time to restructure NIS ownership. Previous extensions were reported in March, April, July and August 2025, and the latest decision follows renewed talks between Serbian and US officials. The waiver regime has kept NIS operating normally, but each extension has arrived with a short runway, leaving Belgrade in a cycle of last-minute diplomacy.
NIS operates Serbia’s main refineries, in Pancevo and Novi Sad, and supplies most of the country’s fuel. Djedovic Handanovic has repeatedly warned that losing the waiver would threaten Serbia’s energy security and could trigger fuel shortages and price spikes.
NIS is one of Serbia’s most valuable companies and a major taxpayer, employing thousands of workers across its refineries, fuel distribution network and service stations. The Pancevo refinery is the largest in the Western Balkans, and the company’s operations anchor Serbia’s fuel supply, making any sanctions disruption a matter of national concern.
The ownership question remains unresolved. Gazprom Neft holds a majority stake in NIS, while the Serbian state owns roughly 30 percent. Belgrade has said it is negotiating with its Russian partners to cut their stake below 50 percent, a step Washington has signaled it wants to see, but no final agreement has been announced.
Serbia has tried to balance its European Union accession path with traditionally close political and economic ties to Moscow. The repeated waivers have allowed Belgrade to defer a decision, but each extension has come with growing pressure from Washington to move NIS away from Russian control.
Analysts say the outcome matters beyond Serbia, because NIS is one of the largest Russian-owned energy assets in the Western Balkans still operating under sanctions relief. A failure to secure further waivers would test both Serbia’s relations with Washington and the resilience of its fuel market.
Sources: Reuters, Marketscreener
Author: Russia Desk
discussion