The U.S. Treasury Department has set a clear ultimatum for Serbian President Aleksandar Vučić regarding the state-controlled oil company NIS, amid sanctions on Russian energy assets.
Russian companies Gazprom Neft and Gazprom, which collectively own 56% of NIS, have submitted a request to the Office of Foreign Assets Control (OFAC) expressing willingness to transfer control of the company to a third party.
Sanctions Timeline
- U.S. sanctions targeting the Russian oil sector, including Gazprom, were initially announced in January.
- Implementation was postponed several times for NIS, but finally took effect on 9 October 2025.
According to Serbian Energy Minister Dubravka Handanoviq, the Treasury has given NIS three months to find a buyer. Meanwhile, the company and its refinery are not allowed to operate, causing major disruptions in oil processing and supply chains.
Operational Challenges
- Banks have stopped processing NIS payments.
- The Croatian pipeline operator JANAF has halted crude oil deliveries.
- Officials estimate the refinery can only operate until 25 November without new crude supplies.
U.S. Demands
The U.S. administration has made it clear that the new ownership structure must be free of Russian influence, meaning neither Gazprom, Gazprom Neft, nor the Russian government can remain involved.
Minister Handanoviq stated:
“For the first time, the U.S. administration explicitly demanded full removal of Russian shareholders from NIS.”
Serbia’s Response
The Serbian government plans to discuss possible solutions in a session scheduled for Sunday. Options include potentially taking over NIS domestically, but all decisions will be closely scrutinized to comply with U.S. requirements.
Current ownership structure of NIS:
- Gazprom Neft: 44.9%
- Gazprom: 11.3%
- Serbian government: 29.9%
- Remaining shares: small shareholders and employees
This ultimatum underscores Washington’s firm stance on eliminating Russian influence in the Serbian energy sector, putting Vučić under significant pressure to comply or face further economic consequences.
