Serbian President Aleksandar Vučić has announced that he expects to hold talks with both Hungarian Prime Minister Péter Magyar and Russian President Vladimir Putin in the coming days as negotiations over the future ownership of Serbia’s oil company enter a decisive stage.

Vučić said he expects an agreement on the sale of the Russian stake in Serbia’s oil company, NIS, to be finalised soon, with Hungary’s MOL Group seeking to acquire a majority interest currently held by Russian energy giant Gazprom Neft.

In a separate announcement on Friday evening, MOL said it had received a new authorisation from the US Treasury Department’s Office of Foreign Assets Control (OFAC), allowing it to continue negotiations over the acquisition until 28 August 2026.

The previous licence, granted in early July, had been due to expire on 31 July 2026.

The approval enables MOL to continue talks despite US sanctions imposed on NIS in October 2025, which targeted the Serbian company because of its Russian majority ownership.

MOL signed a binding framework agreement with Gazprom Neft in January 2026 outlining the key terms for purchasing a 56.15% stake in NIS.

Negotiations between the two companies are continuing, while MOL is also in discussions with Abu Dhabi National Oil Company (ADNOC), the United Arab Emirates’ national oil company, over a possible minority investment in NIS.

According to the current ownership structure:

• Gazprom Neft holds 44.9% of NIS.
• Gazprom owns a further 11.3%.
• The Serbian government controls 29.87%.
• The remaining shares are held by minority shareholders.

Subscribe to receive every edition of our Hungary Insider newsletter directly in your inbox!

The outcome of the negotiations is being closely watched across Central and Southeast Europe, as NIS plays a significant role in the regional fuel market.

If completed, the transaction would substantially expand MOL’s presence in the Western Balkans while reducing Russian ownership of one of Serbia’s most strategically important energy companies. The deal remains subject to ongoing negotiations, regulatory approvals and the relevant international sanctions framework.

If you missed it: Official: Hungary’s oil giant MOL and Serbia reach agreement on acquisition of NIS