Gazprom Neft responded to US sanctions against Serbia's NIS

Due to the imposition of US sanctions , the management of Serbian oil company NIS is in talks with partners to stabilize the situation, the press service of Gazprom Neft, which owns almost 45% of the company's shares, told RBC. They noted that operations continue in an adapted format.

Restrictive measures against NIS came into effect in October. Washington approved negotiations on a change of ownership of NIS by February 13, but not the continued operation of the company's only Serbian refinery in Pancevo. On December 2, the company suspended operations due to a shortage of crude oil due to US sanctions.

"NIS management, with the support of the Government of the Republic of Serbia, is making every effort to minimize the impact of external factors and ensure stable product supplies," the statement said.

The company noted that NIS continues to produceoil and form raw material reserves.

"Currently, the Serbian market is supplied with petroleum products in the required quantities. Meanwhile, NIS continues to produce oil, allowing it to build up certain raw material reserves," the statement reads.

As of September 2025, Gazprom Neft is the majority shareholder of NIS, holding 44.85% of the shares. The Serbian government owns 29.87%, and St. Petersburg-based Intelligence (managed by Gazprom Capital) holds another 11.30%. The remaining stake is held by minority shareholders.

On the eve, Serbian President AlexanderVučić said the country had enough raw materials until the end of January, but since NIS stations accounted for approximately 47% of petroleum product turnover, citizens would have to switch to other stations.

In November, Serbian Minister of Mining and Energy Dubravka Djedović-Handanović announced that the Russian owners had agreed to sell their 56.15% stake in NIS.

Belgrade has decided to give the Russian side until January 15 to complete the sale of its stake, after which Serbia intends to introduce its own administration in the company and then offer Russia "the highest possible price."

According to The Wall Street Journal, the UAE-based Abu Dhabi National Oil Company is negotiating the purchase of the Russian stake.

At the same time, Vučić announced that the government would allow payments and transactions for NIS by the end of the week. This measure is aimed at helping the company pay salaries and complete other transactions.

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