site.btaUS to Impose Sanctions on Serbian Oil Company NIS, President Vucic Says

The United States will impose sanctions on Serbian oil company NIS starting from October 1, President Aleksandar Vucic said on Thursday, as reported by RTS.

Vucic, who is currently in New York attending the 80th Session of the UN General Assembly, said the US has postponed the sanctions against NIS for just four more days, meaning they will come into effect on the first day of next month.

This marks the sixth consecutive postponement of the US sanctions, which are now set to expire on September 27.

NIS was added to the US sanctions list at the beginning of January this year due to its ties with the Russian company Gazprom Neft, which is under Western sanctions because of Russia’s invasion of Ukraine.

Gazprom has effectively withdrawn from its ownership in Serbia’s NIS after its shares were reportedly transferred to the Russian company Intelligence, according to recent information from the Belgrade Stock Exchange.

“We will pay a high price, because the Russians are the majority owners of NIS. So, to be absolutely clear, and so that it’s absolutely clear to all our citizens – we have been extremely fair to both our Russian and American partners,” said the Serbian President.

He noted that while reserves would be available in the upcoming period, there would be problems with paying salaries to NIS employees and with all other financial transactions, as no bank would want to cooperate with a company under US sanctions.

“Let’s wait, perhaps a miracle will happen by October 1. Difficult times lie ahead, and a harsh winter. We will do everything in our power to ensure citizens have warm homes and need not worry about fuel for their cars, including those driving lorries. But everything else will be much, much more difficult,” Vucic emphasized.

He stated that Serbia is working on finding a solution following the imposition of the sanctions, but added that there is little interest from certain countries in the challenges facing Serbia.

The President declared that he currently does not see a solution to the issue, and called on everyone in Serbia to suggest one, if they have it.

“What am I supposed to do, threaten the Russians, the Americans? We are small. It makes no sense. And I have to ensure the people have oil,” Vucic stressed.