Summary
The United States has imposed sanctions on Serbia's main oil company, NIS, which is majority-owned by Russia's Gazprom Neft, and operates the country's only refinery. These sanctions are part of broader actions against the Russian energy sector due to Russia's invasion of Ukraine in 2022. Serbia, while seeking EU membership, has not imposed sanctions on Russia, largely due to its dependence on Russian oil and gas.
Key Facts
- The US imposed sanctions on Serbia's NIS oil company, which took effect recently.
- NIS is majority-owned by Russia's state oil company Gazprom Neft.
- The sanctions are part of US efforts to restrict the Russian energy sector after Russia invaded Ukraine.
- Serbia heavily relies on Russian oil and gas pipelines, mainly for energy supply.
- NIS has enough crude oil reserves and continues to operate normally for now.
- Serbian President Aleksandar Vucic warned that the sanctions would impact the banking sector.
- Serbia has not joined Western sanctions against Russia but is negotiating a new energy deal with Moscow.
- NIS is partly owned by the Serbian government and minority shareholders, aside from Gazprom Neft.
