What OFAC license issued to NIS says: Negotiations with MOL, permanent exit of Russian ownership, conditions for transactions

The US Office of Foreign Assets Control (OFAC) of the US Treasury Department issued a license to NIS for negotiations until March 24, but did not allow the company to continue its operations. The license, which Insajder has seen, shows that negotiations are ongoing with the Hungarian company MOL. It specifically notes that any agreement must demonstrate a permanent and complete exit of Russian ownership and control from NIS.

The document, signed by OFAC assistant director for licensing Alan W. Christian, and dated December 23, 2025, states that the license holders are authorized to participate in all transactions that are customary and necessary for negotiating an agreement on the permanent disposal of ownership and control of Russian entities and their intermediaries from NIS.

As license holders, in section 1 of the document, the law firm Baker & McKenzie LLP, NIS a.d. Novi Sad, MOL Hungarian Oil and Gas Public Limited Company, the Government of the Republic of Serbia, PJSC Gazprom Neft, PJSC Gazprom and JSC Intelligence are mentioned. Let us remind that, in the ownership structure of NIS, Gazprom Neft has 44.85%, the Republic of Serbia 29.87%, other minority shareholders 13.98% and Intelligence 11.30%.

However, it is emphasized that the license does not authorize the execution of any agreement on the alienation of ownership and control of Russian entities from transactions that have been previously approved, with a special note that the execution of such an agreement would require special approval from OFAC.

- Any such agreement would have to demonstrate that all ownership shares and control of Russian entities and their intermediaries over NIS have been permanently and completely terminated - it is bolded.

As for the warning section, it states that the transfer of any blocked assets and the debiting of any blocked account are not authorized. It is also emphasized that the negotiation authority should not be interpreted as a decision by OFAC to authorize the conclusion and execution of an agreement with NIS or any person whose property rights are blocked.

OFAC also notes that any transfer of funds through the U.S. financial system based on the authority in the first section should contain a reference to the license number, in order to avoid blocking or denial of the transfer.

The license also mentions dates, stating that it is issued based on an application dated November 18, 2025, and additional correspondence dated November 19, 2025, November 20, 2025, November 21, 2025, November 22, 2025, and November 25, 2025, and December 2, 2025, December 4, 2025, December 21, 2025, and December 23, 2025. In addition, it was issued based on information that was "otherwise available to the Office of Foreign Assets Control."

The license stipulates that its holders must comply with its provisions, as well as with all regulations, interpretations, orders, and instructions. It is noted that the license is valid until the earlier of the two dates: until the completion of the approved transactions or until March 24, 2026, and is not transferable. Also, the license may be revoked or amended at any time.

- If the license was issued on the basis of intentional misrepresentation of facts, it may be declared null and void from the date of issuance or from any other date - the license states.

It is also emphasized that transactions prohibited by any law or regulation of OFAC, except those listed, are not approved. OFAC states that license holders have an obligation to keep records and report, that is, they have an obligation to maintain complete and accurate documentation of transactions undertaken under the license for a period of at least 10 years from the date of each individual transaction, and that these documents must be available for inspection upon request by the competent authorities.