U.S. Sanctions Serbia's NIS, Sole Refiner Controlled by Gazprom Neft, Requires Exit in 45 Days

Jan 10, 2025, 04:36 PM

The U.S. Treasury has imposed sanctions on Serbia's Naftna Industrija Srbije (NIS), the country's sole oil refiner, due to its control by Russian energy giant Gazprom Neft. This action is part of a broader initiative targeting Russian energy producers. Serbian President Aleksandar Vucic has described the sanctions as the harshest ever imposed on a Serbian company, indicating a significant blow to Serbia's international standing. The sanctions require Gazprom Neft to divest its ownership in NIS within 45 days. NIS generates approximately $3 billion in annual revenue, highlighting the economic impact of these sanctions on Serbia's energy sector.