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US and Britain sanction Serbian oil company, Vucic: Demands removal of Russians from ownership

2025-01-10 17:43:36Kosova&Bota SHKRUAR NGA REDAKSIA VOX

US and Britain sanction Serbian oil company, Vucic: Demands removal of Russians

The US Treasury Department announced that it has imposed sanctions on Russia's oil industry, sanctions that have also targeted the Serbian company, the Oil Industry of Serbia, NIS.

Britain has also joined these sanctions.

Serbian President Aleksandar Vučić announced at a press conference on January 10, following this publication by the US Treasury Department, that these are "heavy and serious sanctions" and that "Russia's complete removal from ownership of NIS" is required.

"The ownership transformation plan must be approved by OFAC, within the US Treasury Department," Vučić said.

The US Treasury said it has sanctioned the Russian state-owned company Gazprom Neft and Surgutneftegas, both based in Russia.

The NIS company was sanctioned due to the so-called "secondary risk", meaning due to its connection to the Russian Gazprom.

The Treasury said it has taken comprehensive measures to meet the G7 commitment to reduce Russia's energy revenues used for the war against Ukraine.

Gazprom Neft has had shares in NIS since 2022. Its parent company Gazprom also has shares.

According to NIS data, Gazprom Neft currently owns 50 percent of NIS's share capital, the Republic of Serbia owns 29.87 percent of the shares, while Gazprom owns 6.15 percent of the shares.

The rest belongs to citizens, employees, former employees, and other smaller shareholders.

Gazprom Neft has been under European and US sanctions since 2014, due to Russia's annexation of the Ukrainian Crimean Peninsula, and the company has been banned from accessing EU and US markets.

NIS, on the other hand, owns more than 400 gas stations in Serbia and in the countries of the region: Bosnia and Herzegovina, Romania and Bulgaria.

The Secretary General of the Association of Oil Companies in Serbia, Tomislav Miqovic, said earlier that potential sanctions would affect the Serbian oil derivatives market, but added that there are solutions to all obstacles that may arise and that supplies will not be interrupted.

"I am convinced that those sanctions - whatever they are, if adopted - are not directed against Serbia. Therefore, I believe that a solution will be found to guarantee secure supply to the domestic market," Miqovic tells Radio Free Europe.

Oil is imported into Serbia mainly through a pipeline operated by the Croatian company JANAF. Through it, oil is sent to Croatia, Hungary, Slovakia and Serbia, Radio Free Europe reports.

Serbia receives oil via the JANAF pipeline from Croatia. Currently, it is the only available route.


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