US imposes full sanctions on Serbia’s oil sector, president confirms

Serbian President Aleksandar Vucic has confirmed that the United States will impose “full sanctions” on the Petroleum Industry of Serbia (NIS), a company largely controlled by Russian energy giant Gazprom Neft.

In an interview with Serbia’s Radio and Television (RTS), Vucic revealed that the sanctions are expected to take effect in mid-January. “We are facing a serious situation, and these sanctions are not linked to Russia’s military actions or financial dealings. This is clearly about political pressure,” Vucic stated.

He highlighted the uncertainty surrounding the sanctions, particularly whether they would target the entire Russian management of NIS or specific shares. “We are still waiting for clarity on whether this will affect all Russian executives or just their holdings,” he said. Vucic stressed that the government is making efforts to buy time and prepare for the impact, adding, “We are doing everything we can to mitigate the damage and ensure our country is ready.”

The president also expressed hope that the incoming US administration might reconsider the sanctions. “I will meet with the new US Treasury Secretary, and I am optimistic that some of these restrictions could be re-evaluated after President-elect Donald Trump takes office,” Vucic remarked.

Reassuring citizens, Vucic emphasized that Serbia has sufficient oil reserves and urged the public not to panic. “There is no need for concern or stockpiling. Our reserves are solid, and we will manage through this,” he assured.

Serbia’s Mining and Energy Minister, Dubravka Djedovic Handanovic, also addressed the situation, confirming the establishment of two specialized teams to mitigate the sanctions’ impact. “We are working tirelessly to minimize the effects on NIS and ensure the continuation of our long-term gas supply negotiations with Russia,” she stated.

Gazprom Neft, which has held a significant stake in NIS since 2008, has been a target of US and EU sanctions since 2014. Vucic reiterated the challenges, saying, “This is not just about our energy sector. It’s a broader geopolitical issue, and we must navigate it carefully.”