site.btaSerbian President Vucic Assures Oil Supply Stability Despite U.S. Sanctions on NIS

Serbia will not face any oil shortages, said Serbian President Aleksandar Vucic in an Instagram post on Monday after a meeting with Gazprom Neft Board Chair Alexander Dyukov.

On October 9, the U.S. sanctions on Serbia’s main oil company NIS (Naftna industrija Srbije), whose largest shareholder is Russia’s Gazprom Neft, took effect after being postponed eight times since their imposition in January, most recently until October 8.

“Just concluded an important discussion with the delegation regarding NIS, and I am pleased with the openness, constructiveness and honesty of our conversation. It is not an easy moment, and the weight of responsibility is significant. What I can tell the citizens of Serbia is that there will be no shortage of oil or petroleum products, nor any major energy crisis in Serbia,” Vucic wrote.

“Our Russian friends understood our message, and we understood their interests. We will do everything in the best strategic interest of the Republic of Serbia,” Vucic added, urging citizens to remain calm as the State acts in their favour. He did not specify how Serbia will source oil under the U.S. sanctions imposed on NIS.

Last Saturday, the Serbian President told the private television channel Informer that he would present “new ideas” to the Russian side regarding the sanctions on NIS.

NIS is Serbia’s only company for oil and gas exploration, production and refining. The State owns 29.9% of shares, while Gazprom Neft remains the principal shareholder with 44.9%. At the end of September, the St. Petersburg-based company Intelligence, affiliated with Gazprom, acquired an 11.3% stake from the parent company.