Serbia Awaits Dual Deadlines for NIS License, Russian Gas Deal
The US Office of Foreign Assets Control (OFAC) has extended NIS's operating license until September 30, marking the deadline for the arrangement covering Russian gas deliveries to Serbia. The overlap in deadlines is not a coincidence, as Serbian President Aleksandar Vucic hopes negotiations between Russia and Hungary will wrap up this month over Hungarian company MOL's takeover of NIS.
NIS has been under US sanctions due to its majority Russian ownership, but the refinery in Pancevo has kept the market supplied on oil and fuel reserves. Serbia has relied on these reserves since OFAC started issuing a monthly license to the company.
The gas arrangement with Russia has been extended in three or six month cycles since the three year contract signed in May 2022 expired in May 2025. The previous extension was announced on March 30, 2026, and ran for three months until June 30. Serbia pays between $320-$330 per 1,000 cubic meters of gas.
Energija Balkana editor Jelica Putnikovic believes the short cycles do not threaten supply: 'Our arrangement has already been extended for three or six months at a time over a longer period, so there will be gas.'