Serbia's Aleksandar Vučić Offers €700M to Buy Russia's 56.15% Stake in Naftna Industrija Srbije Amid U.S. Sanction Threat

Jan 5, 2025, 12:58 PM

Serbian President Aleksandar Vučić announced plans to engage in discussions with Russian President Vladimir Putin regarding potential U.S. sanctions against Naftna Industrija Srbije (NIS), a key oil company in Serbia. The U.S. is reportedly considering sanctions that would impact the company, which is 56.15% owned by Russia's Gazprom Neft. In response, Vučić stated that Serbia is prepared to buy out the Russian stake for approximately €700 million to mitigate the effects of these sanctions. He emphasized that while the government is ready to make this purchase, it aims to avoid the sanctions altogether. This information was conveyed during a government session and through various media reports.