The US Treasury’s Office of Foreign Assets Control (OFAC) has issued Hungarian energy group MOL and its subsidiary MOL Serbia Investment Kft. a licence for preparatory transactions related to a possible acquisition of the Russian stake in Serbian oil company NIS. The Insider reported MOL’s announcement on November 5. The licence remains valid until February 28, 2027.
The authorisation covers certain transactions involving Russian-origin securities and the permits needed from Russian authorities. MOL says the licence does not allow the deal to be completed or Russian control of NIS to end: a separate OFAC approval would be required. Issuing the licence therefore does not mean that ownership has already changed.