Serbian President Aleksandar Vučić expressed concerns in Belgrade this evening about impending “significant issues” related to the Oil Industry of Serbia (NIS). He emphasized that there isn’t a straightforward solution for the company, which has faced US sanctions due to its predominant Russian ownership.

Vučić remarked, “It seems the Russians and Americans are becoming increasingly distant in all aspects. I had hoped we could resolve this without significant political turmoil, reaching some form of agreement and fostering better understanding among all involved, but it appears that’s not achievable. Both the Russians and Americans are holding firm to their respective interests,” during an interview with Pink TV.

He highlighted that there is “neither a good nor a simple solution” for NIS, likening Serbia’s situation to being “caught between two vehicles heading in opposite directions.”

The Serbian government is set to review all correspondence regarding this matter tomorrow and the following day.

On February 6, Vučić mentioned that Serbia is still awaiting a response from the US Treasury Department’s Office of Foreign Assets Control (OFAC) concerning NIS’s request for a 90-day postponement of sanctions while a resolution about ownership is sought.

OFAC placed NIS on its blacklist on January 10 as part of a new sanctions package targeting the Russian oil sector. As of now, Russian state-owned Gazprom Neft and its parent company Gazprom have owned 56.15% of NIS since 2008, with the Serbian government holding 29.87% and the remainder owned by minority shareholders.

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