Washington earlier triggered restrictions on NIS, the Balkan country’s sole oil refinery, sparking fears of a national energy crisis
Serbian President Aleksandar Vucic has appealed to the US for more time to address issues surrounding the nation’s only oil refinery, which is majority-owned by Russian energy giant Gazprom, Bloomberg reported on Wednesday.
Earlier this month, the White House activated restrictions targeting NIS (Petroleum Industry of Serbia). The move prompted neighboring Croatia to suspend crude oil deliveries and raised the risk of a shutdown of the refinery. The sanctions also hit NIS-operated gas stations, which can no longer accept American Express, Mastercard, or Visa cards.
“I hope the US won’t start secondary sanctions” at least until mid-December, Vucic told Bloomberg, adding that Belgrade hopes to resolve the issue related to Gazprom’s majority stake in NIS. He reportedly urged US officials to refrain from targeting Serbian financial institutions facilitating payments at the refinery’s stations.
NIS is a leading Balkan energy company with a refinery in Pancevo, near Belgrade, and a regional network of over 400 petrol stations. Gazprom Neft is the largest shareholder with 44.85%, while Gazprom holds 11.3% and the Serbian state owns 29.87%.
Washington expects Belgrade to either secure a sale of Gazprom’s stake in NIS or assume control via nationalization, US officials said, as cited by Bloomberg. Earlier this week, Vucic reportedly dismissed plans for unilateral action against the Russian energy major, which has held a significant stake since 2008, emphasizing he is “neither a communist nor a fascist.”
Serbia has resisted Western pressure to fully align its foreign policy with the EU, even as it seeks membership in the bloc. Brussels and Washington have urged Belgrade to sever energy ties with Moscow, a key historical partner. Vucic’s government has also accused Western nations of fueling mass protests in Serbia.
Several EU states, including Hungary and Slovakia, have voiced similar concerns over pressure to reject Russian crude. Tensions escalated earlier this year after the Ukrainian military struck sections of the Druzhba pipeline supplying Eastern Europe with Russian oil. In January, Hungary and Serbia announced plans to speed up connecting Serbian consumers to the Druzhba system.
