United States Imposes Sweeping Sanctions on Serbian Oil Company NIS
U.S. President Aleksandr Vučič confirmed today that the United States plans to impose sanctions on Serbian oil company NIS (Naftna industrija Srbije – NIS), whose majority shareholders are Russian companies Gazprom Neft and Gazprom, Serbian media outlets report.
During a government meeting today, Vučič mentioned that this was confirmed to him by U.S. Deputy Secretary of Energy, José Fernández. "They are going to impose sanctions… not just financial, but comprehensive sanctions against our company NIS," Vučič said.
The sanctions, Vučič warned, could cause problems with petroleum supply for the country, as well as pose challenges for Serbia‘s oil refinery and petrochemical plant. Fernández reportedly told Vučič that Serbia has 30 days to review all options and take action, with the entire process to be completed within 60 days.
The U.S. is expected to announce its decision before January 15, with all actions to be finalized by March 15. Serbia must also decide its course of action by February 15, as per Vučič’s statements to agency BETA.
Vučič also stated that he plans to visit the U.S. around January 20 if he can arrange a meeting with the relevant U.S. authorities regarding the NIS sanctions. Additionally, he intends to speak with Russian President Vladimir Putin about the sanctions around January 25-27, following discussions with the new U.S. administration.
Serbia, an EU candidate country, has repeatedly condemned Russia’s invasion of Ukraine but has refrained from imposing sanctions on Moscow despite Western pressures. The country heavily relies on Russian gas, with Gazprom Neft and Gazprom owning 50% and 6.15% of NIS respectively. The Serbian government holds 29.87%, with minority shareholders owning the rest, according to Reuters.
In a Facebook post, Vučič said he met today with U.S. Ambassador to Belgrade Christopher Hill to discuss the NIS sanctions, as well as current events, bilateral cooperation, and the invasion of Ukraine.
Sanctions against NIS could have significant implications for Serbia’s energy sector and its relations with both the U.S. and Russia. The situation will continue to evolve, and further updates are expected in the coming weeks.
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