Overview
- NIS began shutdown preparations and placed the Pančevo refinery in warm circulation, saying fuel deliveries continue from existing stocks.
- OFAC granted a limited license through February 13, 2026 that permits negotiations over ownership changes but does not restore crude flows or payment processing.
- The Serbian government rejected immediate nationalization yet is preparing a budget amendment to enable a state takeover if no buyer emerges within the set window.
- Hungary’s MOL has more than doubled oil product shipments to Serbia and is cited as a potential bidder, though it says it cannot cover the entire market alone.
- Operational strains since October 9 include banks halting NIS payments, the JANAF pipeline stopping crude deliveries, and international cards being declined at NIS stations as Serbia’s central bank warns it will cease transactions if no deal is reached.