Serbian President Aleksandar Vučić has announced that US sanctions are set to be imposed on the Serbian oil company NIS due to its Russian ownership, calling it one of the most challenging developments for the country in recent years. Vučić described the sanctions as a geopolitical decision and expressed surprise that the US, rather than Europe, would take the lead in this matter. He confirmed that Serbia has been officially informed that the sanctions will take effect on 1 January 2025.
The president acknowledged that these sanctions could complicate Serbia’s relationship with Russia, noting that it would be unrealistic for Serbia to impose sanctions on Russia after three years of close ties. Vučić admitted that finding a solution to the issue would be difficult, but emphasized the need for the US to grant Serbia a grace period to fully assess the implications of the sanctions.
NIS remains a crucial part of Serbia’s economy, contributing approximately 9% of the national budget. The company also relies on the Croatian JANAF pipeline for all its oil supplies, as Serbia lacks an alternative pipeline.
