The United States has once again postponed the imposition of sanctions against Serbia's largest energy company, NIS (Neftena industrija Srbije), until October 8-9 after talks with President Aleksandar Vučić, Radio and Television Serbia reported.
After talks with the president of the Balkan republic, the United States postponed the imposition of sanctions against NIS for another eight days, until October 8-9. According to the previous decision, the sanctions were to come into effect on Wednesday, October 1.
Vučić had earlier said that US sanctions against NIS would come into effect on October 1, which, he said, would create serious difficulties for the country's economy and energy sector. He stressed that Belgrade is becoming “collateral damage in the confrontation between the US and Russia“ and warned that the price for Serbia will be “extremely high“.
The head of state noted that the republic's authorities have always sought to be civilized with both Russian and American partners, but sanctions could complicate the fulfillment of obligations to employees and affect the company's ongoing operations. He admitted that “some miracle“ may happen before October 1, but warned of difficult times and a harsh winter ahead.
Intelligence, a St. Petersburg-based company managed by Gazprom Capital, previously acquired an 11.3% stake in Serbian company NIS from Gazprom. Gazprom's stake in NIS decreased from 11.3% to one share, while Intelligence's stake increased from zero to 11.3%. The deal was concluded on the basis of an agreement for the gratuitous transfer of shares in the joint-stock company. According to the Unified State Register of Legal Entities (USRLE), Intelligence is managed by Gazprom Capital. Gazprom Neft also owns 44.85% of NIS shares, Serbia owns 29.87%, and minority shareholders hold the remaining stake.
In early January 2025, the US Treasury Department imposed sanctions on Gazprom Neft, its CEO Alexander Dyukov, and Serbia's NIS. Since then, NIS has received six 90-day sanctions waivers from the US, but in mid-September, Vučić expressed concern that the US would not agree to another extension of the waiver beyond September 26.
NIS is one of the largest vertically integrated energy systems in Southeast Europe. It is engaged in oil and gas exploration and production, marketing of petroleum products, power generation and trading, and petrochemical projects. Its main production facilities are located in Serbia, Bosnia and Herzegovina, Bulgaria, Romania, and Hungary.