Gazprom Neft agrees to sell controlling stake in NIS to Hungary’s MOL
NIS gas station (Photo: banker.bg)
Russian company Gazprom Neft has reached a preliminary agreement to sell a controlling stake in the Serbian oil and gas company NIS to Hungarian company MOL, reports Reuters.
According to her, the deal requires approval from the US Treasury’s Office of Foreign Assets Control (OFAC), which imposed sanctions on NIS due to Russian ownership.
MOL stated that it has signed a binding agreement with Gazprom Neft to acquire a 56.16% stake in NIS.
The Serbian company NIS supplies about 80% of the country’s fuel market and controls nearly half of the retail segment. Under the planned deal, partners from the United Arab Emirates (UAE) may also join, with negotiations expected to continue until March 24.
Specifically, MOL is in talks with the UAE’s national oil and gas company ADNOC regarding its potential entry into NIS as a minority investor. Meanwhile, Gazprom Neft has confirmed signing a letter of intent with MOL, without specifying ADNOC’s involvement.
The company also emphasized that MOL will be required to maintain operations at Serbia’s only oil refinery in Pančevo at least at the current level and increase production if needed.
OFAC sanctions against NIS were imposed in October as part of pressure on Russia’s energy sector, but their effect on the company has been temporarily delayed until January 23.
Sanctions pressure on Russia
At the end of October 2025, the US imposed restrictions on Russia’s two largest oil corporations, Lukoil and Rosneft. The sanctions hit the companies' foreign assets hard and led to a significant drop in their market value.
At the same time, Ukraine took its own measures in response. Two ships of Russia’s so-called shadow fleet, Kairos and Virat, were struck by Sea Baby naval drones with enhanced warheads, operated jointly by the 13th Main Directorate of Military Counterintelligence of the Security Service of Ukraine and the Ukrainian Navy.
As of early January 2026, analysts estimate that strengthened sanctions have reduced Russia’s weekly oil export revenues by around $500 million.
In addition, US President Donald Trump has supported a bipartisan bill introducing new restrictions on Russia, including imposing 500% tariffs on countries that buy Russian energy resources.
