Serbia Shelves NIS Nationalization as Sanctions Push Pancevo Refinery Into Warm Shutdown

Belgrade seeks a new U.S. operational license to keep NIS functioning during a 50‑day ownership transfer effort.

Overview

NIS began procedures to idle the Pancevo refinery, placing units in warm circulation because U.S. Treasury sanctions have choked crude supplies.
The government rejected immediate nationalization and backed President Aleksandar Vucic’s plan to allow 50 days to secure a buyer and preserve operations.
Serbia’s central bank warned it will halt financial transactions related to NIS if an operational license is not in place by February 13 to protect financial stability.
NIS says domestic fuel deliveries continue from pre‑built reserves even as the refinery prepares for a possible full stop in the coming days.
OFAC previously authorized only ownership‑change talks through February 13, and NIS has requested a new license for ongoing operations as Russian shareholders signal readiness to transfer control.