US sanctions against Serbia’s oil industry, specifically targeting the company NIS (Novi Sad Oil Industry), are set to come into effect today, as announced by Serbian President Aleksandar Vučić through a video message on his Instagram profile.
“We are facing sanctions starting tomorrow at 6 AM due to Serbia’s oil industry,” Vučić stated.
The United States imposed sanctions on NIS on January 10th this year, targeting the company’s ownership ties with Russia’s Gazprom Neft. The sanctions aim to prevent Russia from using energy revenues to fund its ongoing war in Ukraine.
Documents published on the Belgrade Stock Exchange reveal that Gazprom Neft, a subsidiary of Russia’s Gazprom, reduced its ownership in NIS from 50% to approximately 44.85%. Meanwhile, Gazprom has increased its shares in NIS from 6.15% to 11.30%.
In addition to Gazprom’s stake, the Serbian government holds 29.87% of the shares in NIS. Other shares are owned by citizens, current and former employees, and other minority shareholders.
This move marks a significant shift in Serbia’s energy sector as the country navigates international sanctions and the political implications of its relations with Russia amidst the ongoing conflict in Ukraine.
