Vučić identified an obstacle to negotiations with Russia regarding a stake in NIS.

US sanctions documents regarding the Serbian company Naftna Industrija Srbije (NIS), 50% of which is also owned by Gazprom Neft, which is also subject to restrictions, contain inaccuracies that need to be clarified before beginning negotiations with RUSSIA over a stake in NIS, Serbian President Aleksandar Vučić stated.

On January 11, he met with US Deputy Secretary of State Richard Verma to discuss the new restrictions. The day before, Washington imposed sanctions against Gazprom Neft and its Russian and foreign subsidiaries. Gazprom also holds a 6.15% stake in NIS. Serbia owns 29.87%, with the remainder held by minority shareholders. The US demands that Russia remove its stake in NIS, Vučić said.

"We've asked specific questions, five specific questions, and we expect a written decision soon. We need to talk with the Americans first, for at least another seven to ten days, to see exactly what the full sanctions package will be," Vučić said ( quoted by Euronews.rs).

Vučić noted that Verma referred to "remove" (literally, "eliminate") Russian participation in NIS, although elsewhere he mentioned "reduce." He said the difference in interpretations leads to uncertainty, particularly due to the potential size of the stake Serbia would purchase. If the discussion is about completely eliminating Russian participation, it would be more than 50%, while if it is about reducing it to less than half, it would be about 7%. This needs to be clarified during the negotiations, he said.

NIS is the largest energy company in the Balkans. It is engaged in hydrocarbon exploration and production outside Serbia—in Romania and Bosnia and Herzegovina—as well as oil and natural gas refining. NIS owns an oil refinery in Pancevo, near Belgrade, and a network of over 400 petrol stations.

Following the imposition of sanctions against it, the company stated that it would analyze the impact of the restrictions on business and would focus on maintaining stability in the domestic petroleum products market.

In addition to Gazprom Neft's Serbian subsidiary, the Kazakh, Tajik, and Kyrgyz ones were also subject to sanctions.

The Russian Foreign Ministry emphasized that such US actions "will not go unanswered," and Russia will take them into account in its foreign economic strategy. US President-elect Donald Trump faces a "scorched earth" situation, as he will not be able to lift these sanctions without Congressional approval, the ministry added.

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