U.S. to Sanction Serbia's NIS Oil Company, 50% Gazprom Neft Owned, Effective Next Month

Dec 14, 2024, 08:46 AM

The United States is preparing to impose financial sanctions on Serbia's oil and gas company, Naftna Industrija Srbije (NIS), due to its significant Russian ownership. Serbian President Aleksandar Vučić announced that the sanctions are expected to take effect within the next few days. NIS is reportedly 50% owned by Gazprom Neft and 6.15% owned by Gazprom. The sanctions are part of broader efforts by the U.S. to pressure Serbia regarding its ties with Russia, particularly in the energy sector. Vučić indicated that he would attempt to engage in dialogue with American officials amid these developments, emphasizing the need for Serbia to diversify its geopolitical relationships.