Serbian President Aleksandar Vučić said on Thursday that Serbia would not support a bid by a newly formed local company to acquire a controlling stake in the country’s oil company NIS, citing a lack of industry experience.
The comments came in Belgrade after KFT Senator Treasury G.T.7 Two LLC, established only in August 2025 and led by Serbian businessman Ranko Mimovic, offered 2 billion euros ($2.35 billion) for a 51.16% stake in NIS held by Russian energy firms Gazprom and Gazprom Neft.
Vučić said Mimovic had no background in crude oil processing and stressed that the Serbian government would not permit such a takeover of the strategically important energy company. The bid challenges ongoing negotiations involving Hungary’s MOL, which is seeking to purchase a majority stake in NIS as part of efforts to help the company avoid U.S. sanctions.
The U.S. Treasury’s Office of Foreign Assets Control imposed sanctions on NIS in October over Russian ownership linked to Moscow’s war in Ukraine and demanded the divestment of Russian-held shares.
Russian state-controlled Gazprom Neft said on Wednesday it was actively preparing the sale of its stake to MOL and was not in talks with any other potential buyers. Gazprom Neft currently owns 44.9% of NIS, while Gazprom holds an additional 11.3% stake.
The Serbian government controls 29.9% of the company, with the remaining shares owned by employees and minority shareholders. NIS operates Serbia’s only oil refinery, making the ownership dispute strategically important for the country’s energy security and regional fuel supply.
The outcome of the negotiations is expected to determine whether NIS can continue operating without further disruption from U.S. sanctions pressure.