U.S. allows Hungary’s MOL to prepare for purchase of Russian stake in Serbian oil company NIS

The U.S. Treasury Department has granted Hungary's MOL Group and its subsidiary, MOL Serbia Investment Kft., an additional license to prepare for a potential acquisition of a stake in Serbian oil company NIS. This license, valid until February 28, 2027, permits the completion of various transactions essential for transferring Russian-origin securities to MOL Serbia Investment Kft.

However, it's important to note that the license does not permit the actual transaction to finalize, as separate authorization from OFAC would be required for the divestment of Russian ownership and control in NIS. Hungarian Foreign Minister Anita Orbán had previously expressed anticipation of an official agreement on the purchase of the Russian stake in NIS by December 11, emphasizing the urgency for all parties to finalize negotiations before the deadline.

In October 2025, Serbian First Deputy Prime Minister Siniša Mali announced that MOL had signed a contract to acquire the Russian stake in NIS, of which Gazprom Neft and Gazprom collectively own 56.1%. The Serbian government is anticipated to increase its stake from 30% to 35% under a shareholder agreement with MOL. NIS, which operates Serbia’s sole oil refinery, was sanctioned by the United States in January 2025, with the initial sanctions taking effect in October 2025 and subsequently postponed multiple times.

The U.S. sanctions have prompted Hungary to phase out Russian gas by fall 2027, following years of reliance on Moscow under the Orbán government.