Serbian authorities have announced Russia's agreement to sell its stake in NIS.

The Russian owners have agreed to sell their 56.15% stake in NIS, according to Serbian Minister of Mining and Energy Dubravka Djedović-Handanović, as reported by Blic.

As of September 2025, Gazprom Neft is the majority shareholder of NIS, holding 44.85% of the shares. Serbia holds 29.87%. Another 11.30% is owned by St. Petersburg-based Intelligence (managed by Gazprom Capital). The remaining stake is held by minority shareholders.

"The Russian owners have agreed to sell their 56.15% stake in NIS to Serbia. They are currently negotiating this. We are aware of these negotiations," said Djedović-Handanović.

The minister noted that it is "in the vital interests" of Serbia, which is the company's second-largest shareholder with a 29.8% stake, for NIS to continue operating, as this is absolutely essential for the country's energy stability.

Speaking about the third party involved in the negotiations, Djedović-Handanović explained: “These are business negotiations between serious companies, and until they are completed or at least the most important details are determined, it is not serious to talk about this, but nothing is hidden from the public.”

The Minister of Energy reiterated that the Serbian side has a clear demand: the refinery must continue operating and "ensure a new flow of crude oil through the JANAF system as soon as possible." JANAF is the only pipeline route supplying oil to the NIS refinery in Pančevo. Its operator is the state-owned Croatian company JANAF.

NIS was placed under US sanctions in January of this year, under President Joe Biden. Since then, the US has deferred them several times, but the restrictions went into effect in October. Washington is demanding the complete withdrawal of Russian capital from the company for the sanctions to be lifted.

Last week, Djedović-Handanović reported that NIS's Russian owners had notified the US Treasury Department's Office of Foreign Assets Control (OFAC) of their willingness to transfer control to a third party. Croatia has also expressed its willingness to buy the company.

Serbian President AlexanderFollowing a meeting with Russian Deputy Energy Minister Pavel Sorokin and Gazprom Neft CEO Alexander Dyukov amid sanctions against NIS, Vučić said: "Our Russian friends have understood our message. We understand their interests, and we will do everything necessary, both tactically and strategically."

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