The U.S. sanctions against the Serbian Oil Industry (NIS) are aimed at Russia, not Serbia, said Richard Verma, U.S. Deputy Secretary of State for Management and Resources, during his visit to Belgrade on Saturday, reports RFE.
“There will be no economic consequences for Serbia if Russian ownership of NIS is removed. Russia is not investing in Serbia’s future, as the profits it makes from NIS are not reinvested in Serbia. Changing the ownership structure will contribute to greater peace in the region,” said Verma at a joint press conference with Serbian President Aleksandar Vučić.
Verma emphasized that NIS is one of 2,000 Russian-owned companies that the U.S. has sanctioned, adding, “The goal is to remove Russian ownership from these companies. We will help Serbia diversify its energy sources and become independent in this regard.”
Vučić, however, called the fact that the sanctions are not targeting Serbia directly a “weak consolation.”
“According to initial estimates, about 30 countries have been affected by these sanctions in various ways – or entities from those countries – but it’s always about Russian assets, capital, and interests,” Vučić stated.
NIS, owned by Russian company Gazprom Neft, was sanctioned by the U.S. Department of the Treasury on January 10. Vučić described the sanctions as “heavy and serious” and stated that they require “complete removal of Russia’s ownership of NIS.”
NIS is the only company in Serbia involved in the exploration, production, and refining of oil, as well as the production of natural gas.
Gazprom Neft has held a majority stake in NIS since 2008, and since 2022, its parent company Gazprom has also held shares.
