Russian owners have agreed to sell their shares in Serbia’s Naftna Industrija Srbije (NIS) after the major oil and gas company was slapped with Western sanctions .

Russia’s state-controlled company Gazprom Neft owns a 44.9 percent stake in NIS, while an investment division of its parent company, Gazprom, holds 11.3 percent. The Serbian government retains a 29.9 percent share.

Serbian Energy Minister Dubravka Djedovic Handanovic announced on social media on Tuesday that the Russian companies had sent a request to the Office of Foreign Assets Control (OFAC) of the United States Treasury to request the extension of a sanctions waiver based on negotiations with a third party.

“The petition states that the Russian side is ready to give up control and influence over the NIS company to a thi

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