Vucic stated the US demand to exclude Russia's participation in the NIS

Serbia's NIS has been sanctioned by the United States, along with its Russian parent company.Vučić said Washington is demanding Moscow's complete exit as NIS owner. Serbia is ready to buy out Russia's stake, which exceeds 50%.

US sanctions against Serbian oil company Neftna Industrija Srbije (NIS), which is 50% owned by Gazprom Neft, which is also subject to restrictions, are "very tough," Serbia's president said.Aleksandar Vučić , reports Pink.

"They're asking us for Russia's complete withdrawal from our country; we're waiting to see what other interpretations will emerge. They're not allowing for 49% (Russian entities currently own over 50% of NIS, as Gazprom also owns 6.15%), but rather the complete exclusion of Russian participation from NIS. NIS will be able to operate as usual, and the ownership transformation plan can be launched immediately and must be approved by the US," Vučić said.

Serbia has been given until February 25 to complete all operations. According to Vučić, Belgrade intends to appeal to the administration of Donald Trump, who will take office in ten days, to reconsider or soften the decision regarding the NIS.

NIS is the largest energy company in the Balkans, engaged in exploration and production (outside Serbia - in Romania and Bosnia and Herzegovina), as well as refining of oil and natural gas, and owns an oil refinery in the city of Pancevo near Belgrade and a network of more than 400 petrol stations.

Gazprom Neft and Surgutneftegaz, along with more than two dozen of their subsidiaries, are subject to US sanctions , presumably the latest imposed under current President Joe Biden. Other Gazprom Neft subsidiaries on the list include companies from Kazakhstan, Tajikistan, and Kyrgyzstan. The United Kingdom has also joined the restrictions .

Gazprom Neft stated that it had been preparing for the potential imposition of restrictions against it for the past two years. The company called the decision to include its assets on the US and UK sanctions lists unfounded.

Vučić announced US plans to impose sanctions against NIS back in December. On January 5, he stated that Serbia had the option of buying out Russian companies' stakes in NIS. According to him, the company's estimated value is €1 billion, meaning that approximately €600 million would be needed to buy out Gazprom and Gazprom Neft's stakes. "I have a question for the Americans: Do you want us to buy them and they'll immediately receive €500, 600, or 700 million?" he remarked.

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