Vucic announced a postponement of US sanctions against NIS

The US Treasury Department has postponed the entry into force of sanctions against the Serbian oil company, Naftna Industrija Srbije (NIS), which is almost 50% owned by Gazprom Neft, which has been targeted by restrictions. This was announced by the Serbian President.Aleksandar Vučić on Instagram (owned by Meta, which is considered extremist and banned in Russia).

"We have an extra 30 days for Serbia's oil industry. Good news for Serbian citizens," he wrote.

Vučić posted an image of an excerpt from the document. "The license expires on the earlier of the completion of the authorized transactions or March 28, 2025," it reads.

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

On January 10, the US announced a sweeping sanctions package against the Russian energy sector. The restrictions included Gazprom Neft, Surgutneftegaz, and NIS. Washington demanded that Serbia reduce Russian companies' stake in NIS to zero, and Vučić said this must be done by February 25. The sanctions take effect on February 27.

Vučić later spoke about inaccuracies in the sanctions documents regarding the reduction of Russian companies' stake or their complete exclusion. If the reduction is to less than half, then Serbia would have to buy back 7%, he explained.

Yesterday, Gazprom Neft transferred a 5.15% stake in the Serbian company NIS to Gazprom. Gazprom Neft's stake in the company now stands at 44.85%, while Gazprom's stake is 11.3%. Serbia owns 29.87% of NIS, with the remainder held by minority shareholders.

Vučić stated his willingness to buy out Russian shares in NIS for approximately €600 million. He emphasized that Serbian authorities would not take any action without Moscow's approval.

Moscow considers the imposed sanctions illegitimate and ineffective and demands their lifting.

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