Serbia has secured a three-month licence from the U.S. Treasury for its Russian-owned oil company NIS to negotiate a sale as sanctions loom, Reuters reported.

The Russian majority owners—Gazprom Neft and Gazprom—now have until February 2026 to transfer ownership, or risk operations and supply chains being disrupted.

Banks reportedly stopped processing payments for NIS, which had warned its refinery could run out of crude by late next month.

The development places Serbia in the spotlight as it weighs nationalisation, compensation for Russia, and energy-security pressures ahead of winter.

The country is considering stepping in to take over NIS while managing repercussions from Moscow and its own fiscal exposure. The delay licence reflects U.S. concerns but also recognition of winter’s urgency for regional fuel supply.

For energy companies and investors, this case highlights how geopolitics and sanctions can quickly escalate into ownership and supply-chain shocks, even for smaller firms.

Refiners and suppliers with exposure to sanctioned entities may face abrupt operational and financial risk.

The case may also prompt multinational energy firms to reassess compliance and risk provision for sanctioned-jurisdiction exposure.

Strategists say the NIS scenario underscores why energy risk assessment must include political-ownership risk, not just production and market variables.

For global business leaders, the message is clear: sanction impacts can be rapid and disruptive, and contingency planning is essential.

In summary, Serbia’s NIS licence reprieve is a brief window in a high-stakes situation that blends energy-security, sovereign risk, and strategic ownership—relevant far beyond the Balkans.

Source: Reuters.