A recent agreement between the Serbian government and MOL regarding a majority stake in Serbia’s oil industry, NIS, is facing scrutiny. The deal hinges on a subsequent agreement between MOL and Gazprom Neft, raising concerns about the true control of NIS. Sources indicate Russia and Hungary are actively shaping the future of NIS, potentially overshadowing the initial government agreement. Political factors are also emerging as relevant to the final outcome. The situation suggests the deal with MOL may be largely symbolic, with significant influence now resting with Russian and Hungarian interests. Further negotiations are required to finalize the arrangement and determine the ultimate ownership structure of NIS. The evolving dynamics cast doubt on Serbia’s control over its key energy asset.