According to diplomatic sources quoted by Serbian media, the United States sees only two possible solutions to the issue surrounding Serbian oil company NIS, which remains under U.S. sanctions because of its Russian ownership. The first option would involve selling the Russian-held shares to a company with no ties to Russia, while the second would […]
US sanctions imposed on Serbia’s oil company NIS, due to its Russian ownership, have blocked a crude oil shipment that was expected to provide temporary relief for the country’s only refinery in Pančevo. Without new supplies, the facility may be forced to halt operations within days. President Aleksandar Vučić previously warned that the refinery—which produces
Serbian President Aleksandar Vučić announced that he expects to receive concrete information by the end of this week or early next week regarding the situation of the oil company NIS, which has come under US sanctions due to its Russian ownership structure. Vučić said that Serbia is currently holding talks with Russian, American, and European
Serbia poised to buy Gazprom’s stake in NIS to resolve sanctions issue by year-end Read More »
Serbian media report that the issue surrounding oil company NIS, caused by U.S. sanctions, is expected to be resolved by the end of the year. The most likely solution under consideration is for the Serbian state to acquire part of the 11.3% stake currently owned by the company Intelligence, a subsidiary of Gazprom. Currently, Russian
Serbia proposes temporary takeover of Russian NIS stake amid U.S. sanctions Read More »
Serbian President Aleksandar Vučić has reportedly proposed to a visiting Russian delegation that Serbia could temporarily assume part of Russia’s ownership stake in the oil company NIS. According to local media, the idea is that once international conditions stabilize, the shares would be returned to Russian control. However, unofficial sources suggest that Moscow is not
Fuel retailers in Serbia have significantly increased petroleum product imports to counter the effects of sanctions on the national oil company NIS. Tomislav Micovic, Secretary General of the Association of Oil Companies of Serbia, stated that companies had prepared in advance to secure supplies and maintain stability in the domestic fuel market. He noted that
Serbian oil company NIS has announced that it will distribute dividends for the 2024 financial year on 22 October, with shareholders receiving a gross payment of 0.24 euros per share. The company noted that dividends for shareholders included on the US Treasury Department’s Office of Foreign Assets Control (OFAC) Specially Designated Nationals (SDN) list will
Professor Dragan Djuricin from the Faculty of Economics in Belgrade criticized the 2008 privatization of Serbia’s oil company NIS, calling it a significant undervaluation of one of the country’s most strategic assets. Djuricin noted that Deloitte, hired by the Serbian government to assess NIS’s value, estimated the company at €2.2 billion for full ownership, excluding
As US sanctions targeting Serbian Russian-owned oil company NIS approach their 8 October enforcement date, Russian negotiators have put forward several proposals aimed at avoiding restrictions, according to Serbian media reports. One proposal reportedly involves transferring the 11.3 percent stake in NIS, recently moved by Gazprom to its subsidiary Intelligence, to an American company. This
Earlier this year, the U.S. Department of the Treasury introduced sanctions targeting Russia’s energy sector, which are now being applied to Serbian oil company NIS. This affects NIS’s crude oil transport agreement with Croatian pipeline operator JANAF, valid from 1 January 2024 to 31 December 2026. Under the contract, NIS reserved pipeline capacity under a
