The United States plans to slap “full sanctions” on Serbia’s Petroleum Industry (NIS), largely controlled by Russia’s Gazprom Neft, starting in mid-January, according to Serbian President Aleksandar Vucic.
Speaking with Serbia’s Radio and Television (RTS), Vucic confirmed the sanctions, emphasizing they aren’t tied to Russia’s military actions or financial activities but appear aimed at pushing Serbia closer to US-aligned policies.
Vucic highlighted two major unknowns: whether the sanctions will apply to NIS’s entire Russian management or specific ownership stakes and the precise timing of implementation. To address the looming challenges, he said the Serbian government is working to gain time and prepare adequately.
“Efforts are underway to soften the blow,” Vucic noted, as he also announced plans to engage with the incoming US Treasury Secretary. He expressed optimism that some restrictions might be reconsidered following the inauguration of US President-elect Donald Trump.
In a bid to ease public worries, Vucic reassured citizens about Serbia’s robust oil reserves, urging them not to panic about fuel shortages or hoard supplies.
Meanwhile, Serbian Mining and Energy Minister Dubravka Djedovic Handanovic revealed that two specialized teams have been formed. Their primary focus is mitigating the sanctions’ impact on NIS and ensuring ongoing negotiations with Russia for long-term gas supply.
Gazprom Neft, which acquired a significant stake in NIS back in 2008, has been on the US and EU blacklist since 2014. These new measures are expected to amplify pressure on Serbia to pivot its foreign policy closer to Western standards.
As mid-January approaches, the sanctions loom large over Serbia’s energy sector, raising questions about how the nation will navigate this geopolitical challenge while maintaining stability.
