Serbian businessman Ranko Mimovic said on June 3 he has submitted an offer to Russia’s Gazprom to acquire its majority stake in Serbia’s sanctioned oil company NIS, adding that he has also applied for approval from the US Treasury’s sanctions office.

Mimovic, owner and director of Subotica-based KFT Senator Treasury GT7 Dva, said he had sent a letter to Gazprom CEO Alexei Miller expressing a “firm, serious and irrevocable intention” to purchase the 56.15% stake in NIS held by Gazprom Neft and Gazprom.

He told Serbian news agency Beta that the proposed transaction would require clearance from the US Treasury’s Office of Foreign Assets Control (OFAC), to ensure compliance with international sanctions rules.

The company submitted an initial request to OFAC on October 30, 2025, and later supplemented it in November, Mimovic said, adding that there had been “intensive communication” with US officials over financing, ownership structure and compliance documentation.

“The matter is in the final stage of consideration and decision-making by OFAC’s senior management,” he claimed.

Mimovic said he had also informed Serbian President Aleksandar Vucic and Energy Minister Dubravka Dedovic Handanović of his intention to acquire the Russian stake.

He added the company was prepared to meet Serbian authorities’ conditions regarding “energy stability, business continuity, investment obligations and job preservation,” while outlining a broader plan for NIS’s long-term development.

Mimovic claimed the firm had financial capacity of around €2bn ($2.33bn) to complete the purchase and said it was ready to sign a non-disclosure agreement immediately, with the aim of concluding a deal within four weeks of starting formal negotiations.

He argued that rival bidder MOL Group, Hungary’s largest oil and gas company, was unlikely to proceed with a successful acquisition, saying it had no interest in NIS’s refinery operations and faced strategic constraints.

“MOL is not interested in the refinery in Pančevo, which is of vital importance for Serbia,” he said, referring to the country’s main processing facility.

Mimovic claimed, without evidence, that MOL had previously considered shutting the refinery within two years and was primarily interested in the company’s fuel retail network.

Local media have cast doubt on the seriousness of Mimovic’s offer, noting his inexperience in the energy sector and his dubious business history. Many companies linked to him faced bankruptcy and are no longer operational. According to Nedeljnik, he also faced legal trouble in Slovenia.  

The offer comes amid competing bids for NIS as negotiations over the future ownership of the Russian-controlled stake continue under pressure from Western sanctions.

Hungarian MOL has asked US authorities for a 30-day extension to complete talks on acquiring the stake from Gazprom Neft, Dedovic Handanovic said earlier on June 3.

The request was submitted to OFAC ahead of a June 6 deadline, following a previous short extension granted last month.

The outcome of the broader sale process remains uncertain and depends on Moscow’s willingness to divest its holding.