US again delays sanctions against Serbia's largest energy company NIS

The United States has postponed the introduction of sanctions against Serbian oil company NIS until September 26, for the sixth time in a row, the republic's Minister of Mining and Energy Dubravka Djedovic-Handanovic said, RTS reports.

"The ultimate goal is to remove NIS from the sanctions list of the US Treasury Department's Office of Foreign Assets Control (OFAC), which is a process independent of Serbia. We hope that continued high-level negotiations between the US and RUSSIA will contribute to progress on the entire package of US sanctions," the minister said.

She added that the postponement of sanctions allows Serbia to maintain energy security and Belgrade "continues to fight by all diplomatic means to ensure stability."

NIS itself noted that the extension of the sanctions-free regime allows the company to maintain business , carry out contracts and transactions, and also maintains the ability to alienate or transfer debts or capital.

NIS is the largest energy company in the Balkans, which is engaged in exploration, production and processing of oil and natural gas, owns an oil refinery in the city of Pancevo near Belgrade and a network of more than 400 petrol stations.

The US threatened Serbia with sanctions against NIS at the end of 2024 , under the previous administration, because the company has a Russian stake. Gazprom Neft (which the US imposed sanctions on in January) at that time owned 50% of NIS shares, Serbia owned 29.87%, and Gazprom owned 6.15%. In February, Gazprom Neft transferred 5.15% of NIS shares to Gazprom, its new stake amounted to 44.85%, Gazprom's 11.3%, and Serbia's remained the same. After that, Washington postponed the sanctions.

Vucic stated that Belgrade is ready to buy out Gazprom and Gazprom Neft's shares in NIS in the event of restrictive measures.

Russian Ambassador to Serbia Alexander Botsan-Kharchenko emphasized that the two countries "are focused on the stable implementation of important projects, primarily in the energy sector." Moscow considers Western sanctions illegal and demands that they be lifted.

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