President Aleksandar Vučić stated on Tuesday that there are three possible solutions for Serbia’s Oil Industry (NIS), which is currently under US sanctions due to its Russian ownership.
Vučić outlined the options:
- US grants a license or lifts sanctions against Russian-owned companies – which he described as unlikely.
- Russian shareholders sell their stake to another company, which Vučić hopes will happen.
- State intervention by Serbia as a last resort, if other options fail.
The President emphasized that the issue must be resolved within 37 days, by 15 January 2026, warning that fuel supply for citizens and the economy must not be jeopardized.
Vučić also highlighted the risk of secondary sanctions against the National Bank of Serbia and commercial banks, noting that Serbia’s investment climate is at stake due to the uncertainty surrounding NIS.
The US imposed sanctions on NIS on 9 October 2025, targeting the Russian majority ownership. Serbia holds 29.87% of shares, with the remainder held by minority shareholders. Vučić clarified that Serbia will not nationalize NIS, and any state intervention would compensate Russian stakeholders if necessary.
“The sanctions aim to prevent Russia from funding its invasion of Ukraine,” Vučić said, adding that NIS sanctions have been postponed eight times. He also noted ongoing negotiations with Moscow over gas supplies and stressed Serbia’s readiness to diversify energy sources, given its decades-long dependence on Russian gas, which accounts for 80% of national demand.
Vučić concluded that the energy situation in Serbia remains uncertain, as no new gas contract with Russia has been signed since May 2025.
