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US sanctions NIS in Serbia, Vučić: Bad news, but we will not run out of fuel! We will look for new markets

2025-10-09 15:22:35Aktualitet SHKRUAR NGA REDAKSIA VOX
Serbian President Aleksandar Vucic

The US Office of Foreign Assets Control (OFAC) said sanctions against the Russian-owned Oil Industry of Serbia (NIS), Serbia's only crude oil refinery, have come into effect after several delays, a move that could hit the Balkan nation hard.

NIS said today, October 9, that a special license from the US Treasury allowing the company to operate was not extended after being delayed eight times since the company was first placed on a US sanctions list in January for its "secondary risk", its Russian ownership.

The sanctions aim, among other things, to prevent Russian energy companies from financing the Kremlin's war in Ukraine.

"The company has not been extended a special license from the United States Department of the Treasury, which allows for smooth business operations," NIS said in a statement.

"Since the company's listing on the SDN (Specially Designated Nationals) list in January, NIS has been carefully monitoring the situation and has tried to adapt its operations to the new circumstances... NIS has secured sufficient oil reserves for processing at this time, while gas stations are properly supplied with all types of petroleum products."

Gazprom Neft, controlled by the Kremlin, directly or through its subsidiaries, is the main owner of significant energy assets in Serbia. Since 2008, Gazprom has owned a large stake in NIS, Serbia's national oil and gas company.

Serbian President Aleksandar Vucic called this very bad news for Serbia, but tried not to spread panic during a statement to the media, saying that car and jet fuel would not be affected as his country "has full" storage tanks and would start looking for new markets.


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