energy risk

NIS licensing and sanctions uncertainty raises Serbia-wide business cost risks

NIS runs Serbia’s only oil refinery, making the company strategically significant beyond its own financial performance. Uncertainty around the refinery’s operating license, the ownership structure, or potential sanctions exposure can affect fuel availability and downstream business costs. Those effects can extend to transport costs, inflation expectations, retail pricing, construction budgets, agricultural inputs, and manufacturing margins. On 10 June 2026, Reuters reported that NIS applied for a new U.S. license to keep operating after 16 June 2026, when its current license…