Serbia Gives NIS 50 Days to Find Buyer as Pancevo Refinery Winds Down Under U.S. Sanctions

Overview

• The government rejected immediate nationalization after President Aleksandar Vučić proposed a 50‑day window to secure a new owner for NIS.
• NIS began moving units at the Pancevo refinery into warm circulation due to crude shortages tied to U.S. Treasury sanctions, while retail supply continues from reserves.
• The National Bank of Serbia warned it will halt financial operations involving NIS if no operational license is issued by February 13, 2026.
• A previous U.S. license allowed ownership talks but not operations, Russian shareholders signaled readiness to transfer control, and NIS requested a new operating license on November 19.
• Hungary’s foreign minister traveled to Belgrade to discuss assistance on oil supplies as Croatian pipeline operator JANAF suspended flows to NIS on October 9.