Serbian Prime Minister Đuro Macut announced today that the government will not take any steps regarding Naftna Industrija Srbije (NIS) without the consent of its Russian partners.
Macut held discussions on Tuesday, June 10, with NIS General Director Kirill Tyurdenev concerning the “current energy situation and the stability of crude oil and petroleum product supply,” his cabinet stated.
“The Government of Serbia remains committed to its strategic partners with the aim of strengthening energy security and sustainable development,” the Serbian Prime Minister affirmed.
NIS Under US Sanctions, Extensions Granted
Naftna Industrija Srbije has been on the US Department of the Treasury’s sanctions list since January due to its majority Russian ownership. However, US authorities postponed the implementation of these sanctions for the third time in late April, pushing the deadline to June 27, following requests from both the company and the Serbian Government.
NIS was sanctioned due to “secondary risk,” stemming from its connection to Russian Gazprom Neft, which is under Western sanctions following Russia’s invasion of Ukraine.
NIS is the sole company in Serbia involved in the exploration, production, and processing of oil, as well as natural gas production.
Ownership Structure Remains Predominantly Russian
Recently, Gazprom Neft transferred approximately five percent of its stake to Gazprom, a Russian company not covered by Western sanctions. This move reduced Gazprom Neft’s share in NIS to less than 50% (44.85%). Despite this change in ownership structure, Russian companies collectively still retain a majority stake in NIS.
