Gazprom Seeks Exit From Serbia’s NIS Amid Sanctions, Pipeline Disruptions

Gazprom is in talks with MOL over selling its majority stake in Serbia’s NIS as U.S. sanctions halt payments and disrupt crude and gas supply routes in the Balkans.

(Reuters) - Russian energy giant Gazprom is in talks with Hungary's MOL over a possible sale of its majority stake in NIS - Serbia's sole oil refiner - Serbian President Aleksandar Vucic said on Tuesday.

The United States announced sweeping sanctions targeting Russia's oil sector in January over Moscow's war in Ukraine, but, for NIS, their application was postponed several times before finally coming into effect on October 8.

"We have information that Gazprom representatives are talking, among others, with Hungary's MOL, and we have nothing against it. The Hungarians are our friends," Vucic told reporters on Tuesday.

"We need to finish this as soon as possible, by January 15."

Banks have stopped processing NIS payments due to the sanctions. And Croatia's JANAF JANF.ZA pipeline has stopped delivering crude oil to the refinery.

Gazprom has an 11.3% stake in NIS while its sanctioned oil arm Gazprom Neft holds 44.9%. The Serbian government owns 29.9% with the remainder belongs to small shareholders and employees.

Vucic also said Serbia's gas supply agreement with Russia will be extended for another three months.

The Balkan nation remains one of Europe's few remaining buyers of Russian natural gas.

The government, which is seeking Serbia's membership in the European Union, has faced pressure from Western nations to align with EU sanctions on Russia but has yet to take action.