Serbia’s Vucic warns oil refinery faces shutdown as US sanctions bite
Summary
Serbian President Aleksandar Vucic has warned that Serbia's only oil refinery might shut down due to U.S. sanctions linked to its Russian ownership amid the Ukraine conflict. Serbia has given Russian companies a deadline to sell their stake in the refinery or face state intervention. The sanctions have already reduced oil refinery operations, affecting Serbia's energy supply.Key Facts
- Serbia's only oil refinery risks closure because of U.S. sanctions.
- The refinery is mostly owned by Russian companies Gazprom and Gazprom Neft.
- President Vucic warned the refinery might shut down in four days without sanction relief.
- Serbia has given a 50-day deadline for the Russian owners to sell their stake.
- The refinery's operations are reduced due to halted crude supply.
- U.S. sanctions on Russia's oil sector came into full effect in October.
- The Balkan country has existing fuel reserves to manage in the short term.
- The U.S. demands full Russian divestment from the Serbian oil company by February 13.
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