Russians agree to quit Serbian oil company as US sanctions bite
Summary
Russian companies have decided to sell their shares in Serbia's major oil company, Naftna Industrija Srbije (NIS), due to Western sanctions. Gazprom Neft and an investment division of Gazprom own parts of NIS, while the Serbian government holds a substantial share. The decision aims to ensure Serbia maintains its fuel supply as international pressure on Russia continues.Key Facts
- Russian companies, including Gazprom Neft, own significant shares in Serbia's NIS.
- Due to Western sanctions, these companies have agreed to sell their shares.
- The Serbian government supports the move to maintain stable fuel supplies.
- Sanctions on NIS started in early October, affecting the company's supply chain.
- Serbian Energy Minister announced the Russian request to the U.S. for a sanctions waiver.
- The U.S. Treasury’s Office of Foreign Assets Control (OFAC) is involved in the process.
- The refinery linked to NIS can only operate until November 25 without new oil supplies.
- Russia's Lukoil is also affected by sanctions, planning to sell some overseas assets.
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