Serbian President Aleksandar Vučić acknowledged the challenges ahead regarding potential U.S. sanctions against Naftna Industrija Srbije (NIS), a major energy company partly owned by Russian energy giant Gazprom. Following talks with U.S. Under Secretary of State for Economic Growth, Energy, and the Environment, Jose Fernandez, Vučić admitted that he had “not much good news” to share.
NIS is primarily owned by Russian energy giants Gazprom Neft and Gazprom, holding 50% and 6.15% of the shares, respectively, while the Serbian government owns 29.87%.
In December, Vučić revealed that the U.S. was planning to impose sanctions on NIS due to its Russian ownership, with measures potentially taking effect this month. He announced plans to engage in discussions with U.S. and Russian officials to secure Serbia’s energy stability.
Vučić previously warned that sanctions against NIS could disrupt Serbia’s oil supply, especially through a crucial pipeline from Croatia that is vital for the country’s energy needs.
In an Instagram post on Thursday, Vučić shared that he had held an “open, honest, and difficult conversation” with Fernandez. He added, “I will be able to reveal the full details in a few days. Certainly, I do not have much good news for the citizens of Serbia, but Serbia will preserve its stability and energy security.”
Two weeks ago, Vučić mentioned a phone conversation with Russian Foreign Minister Sergey Lavrov, during which they agreed to arrange a meeting between experts from both countries.
A potential solution could involve restructuring the company’s ownership to reduce Russian shares to below 50%, he added.
