US sanctions against Serbia's oil industry (NIS) came into effect after Washington failed to renew the special license that allowed the company to operate normally, Reuters reported
The reason for the sanctions is Russia's majority stake in NIS's capital — a structure that has long been the subject of attention from the US in the context of energy pressure on Russia.
Immediately after the measures came into force, the Croatian company JANAF, operator of the Adriatic oil pipeline, announced that it would not be able to fulfill its contract for the transportation of crude oil to NIS, since the delivery act requires a license that is no longer in force.
Serbian President Aleksandar Vučić addressed the citizens with an assurance that there would be no problems with fuel supplies until the New Year. "We have enough quantities - gasoline, diesel, fuel oil - our reserves are full, there is nowhere to store more," he said.
According to him, the country's reserves contain about 342,000 tons of diesel, 66,000 tons of gasoline, and fuel oil is available in quantities sufficient for one year of operation of power plants. He stressed that fuel oil is often used as an additive to coal in electricity generation.
Vucic described the situation as "bad news" with the potential for serious political, economic and social consequences, and insisted that the sanctions are not targeted at a specific individual, but will affect all citizens.
He added that the Pančevo refinery could only operate without new crude oil supplies until November 1, according to estimates from internal sources.
The contract between JANAF and NIS provides for the transportation of 10 million tons of crude oil for the period 2024-2026. However, it cannot now be implemented after the sanctions came into force.
JANAF said that the company is working with the Croatian government and US legal advisors to find a solution within the regulatory framework.
So far, the authorities (and NIS) have assured that gas stations remain supplied, but have warned that there may be disruptions to payments with international cards — customers will have to rely on cash payments in Serbian dinars.
This development puts Serbia at a difficult energy and diplomatic crossroads - the country is heavily dependent on Russian supplies, and sanctions are complicating negotiations with neighbors, strategic energy plans, and confidence in economic stability.