Belgrade, Serbia – Serbia’s U.S.-sanctioned and Russian-owned NIS oil refinery will continue operating in an idle mode until December 2 as the country awaits a potential sanctions reprieve, Energy Minister Dubravka Djedovic Handanovic said on Friday.

The U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) imposed sanctions on NIS in October as part of broader measures targeting Russia’s energy sector, following a series of waivers granted since January.

Earlier this week, NIS reported that a lack of crude oil from Croatia’s Janaf pipeline forced its only refinery in Serbia to switch to “hot standby,” a mode that allows a quicker restart once imports resume.

Djedovic Handanovic stated that the refinery, which has an annual capacity of 4.8 million tons, would restart as soon as a sanctions waiver from the United States is granted. Serbia requested the waiver on November 19 to facilitate ongoing negotiations for the sale of the Russian stake in NIS.

“If the response from the U.S. is positive, the refinery will be able to produce the first quantities of diesel by December 15,” the minister said after meeting with fuel retailers in Belgrade.

While Serbia currently maintains sufficient short-term fuel reserves, a prolonged shutdown of the refinery could negatively impact the economy. Oil refining experts noted that hot standby mode should not extend for more than a few days to avoid operational risks.

In the meantime, most of Serbia’s fuel is being imported from Hungary via the Danube River, rail, and truck. Hungary sources most of its fuel from Russia and recently received a U.S. exemption from sanctions to continue these imports. Hungarian Foreign Minister Peter Szijjarto confirmed that oil firm MOL has doubled deliveries to Serbia in November and plans to deliver 2.5 times more crude oil and fuel in December.

Serbian President Aleksandar Vucic has given the Russian owners of NIS, who hold over 50% of the company, 50 days to sell their stake, or the government will intervene and offer a buyout. A top Hungarian official suggested that Hungary could potentially acquire a stake in the refinery.