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.

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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 third party,” she said, adding that the Serbian state supported this request.

The minister said OFAC has already responded to some comments, and Serbia anticipates that it will know Washington’s position as early as this week.

“Time is running out and a solution has to be found, but the citizens must not suffer and run out of fuel. That won’t and shouldn’t happen,” Djedovic Handanovic wrote.

NIS is a major provider in the Serbian market, and the Balkan state is trying to ensure continued operations as winter approaches and the US and its European allies ramp up pressure on Russia to end its war with Ukraine.

The sanctions on NIS came into effect in early October, leading to banks processing the company’s payments and Croatia’s JANAF pipeline stopping its deliveries of crude oil.

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Officials estimate that the refinery can only operate until November 25 without new crude supplies.

The broader package of US sanctions has also targeted Russia’s two largest oil companies, Lukoil and Rosneft, and dozens of their subsidiaries.

Lukoil has stakes in oil and gas projects in 11 countries, as well as refineries and petrol station networks across several European states.

In late October, Lukoil announced it is pursuing a swift sale of several overseas assets.

The company has said it is talking with potential buyers, and that transactions would be carried out under a sanctions grace period that runs until November 21. Lukoil said it would seek an extension if necessary to complete the fast-tracked transactions.

Ukraine has been increasingly calling for tougher sanctions and asset freezes against Russia, as well as for Western-made defence systems and missile weapons.