The U.S. has extended the operating license of the Serbian Oil Company until March 20th.

On January 10, 2025, the United States imposed sanctions on the Serbian Oil Company, demanding that Russian shareholders withdraw from the company. The sanctions were repeatedly postponed until October 9, when the US sanctions officially took effect. Subsequently, the only active Pancevo refinery under the Serbian Oil Company was temporarily shut down, putting immense pressure on Serbia's energy market. On December 31, the United States decided to extend the operating license of the Serbian Oil Company until January 23, 2026. A week earlier, the US issued a special license to the Serbian Oil Company, allowing the company to extend the negotiation deadline for the sale of Russian shares until March 24, 2026. Hungary's oil and gas company reached a preliminary agreement with the Russian gas industry on January 19 to acquire the Russian shares of the Serbian Oil Company. This transaction requires approval from the US Department of the Treasury's Office of Foreign Assets Control and the Serbian national regulatory authority. The parties plan to officially sign the purchase agreement before March 31.