Serbia will not obstruct the planned sale of Russia’s majority stake in oil firm NIS, Energy Minister Dubravka Dedovic Handanovic said on June 9, as negotiations between Gazprom and Hungary’s MOL enter a critical final phase under a US-imposed deadline.

Talks over the divestment are “progressing well”, Dedovic Handanovic said, according to a government statement, adding that most key issues had been resolved but that it was now up to the buyer and seller to finalise terms.

“Serbia is not, nor will it be, a stumbling block in the transaction,” she said.

The US Treasury’s Office of Foreign Assets Control (OFAC) has extended the deadline for concluding negotiations until June 16, the same date until which NIS holds a temporary licence to continue operations.

Gazprom and Gazprom Neft, which together control 56% of NIS, have been under pressure to divest their stake since Washington imposed sanctions on October 9, 2025. The measures briefly disrupted operations at the Pancevo refinery, which supplies about 80% of Serbia’s fuel, contributing to a sharp drop in industrial output over the winter.

Dedovic Handanovic said the parties had been given a “short deadline” to complete negotiations, which will ultimately require approval from the US administration.

“There is little time left… but all sides are trying to protect their own interests,” she said, adding that Serbia had so far managed to maintain fuel supply security and uninterrupted refinery operations despite the sanctions.

Parallel talks between Serbia and MOL are also ongoing to ensure a “mutually acceptable” long-term solution, she added.

Separately, the minister said Serbia had invited US companies to express interest in participating in the construction of the planned Đerdap 3 reversible hydropower plant, a project long under consideration that could provide between 1,200 MW and 2,400 MW of capacity.

The initiative falls under a strategic energy partnership agreement signed between Serbia and the United States in March 2025, she said.

Serbia is also in the early stages of developing a nuclear energy programme, with a decision on technology expected to take at least a year.

“These are decisions that have consequences for the next 40 or 50 years… and require long-term planning,” Dedovic Handanovic said.