BELGRADE, Oct. 9 — Serbian President Aleksandar Vucic confirmed that the United States has fully imposed sanctions on Serbia’s oil company Naftna Industrija Srbije (NIS) on Thursday, citing its majority Russian ownership.
He warned in a live national address that it would “affect every citizen” and bring difficult months ahead. “These are extremely tough sanctions in every sense,” Vucic said, calling the decision “a very bad and difficult development for Serbia,” stressing that the sanctions would have broad consequences for the country’s energy security and economy.
The sanctions took effect after the U.S. Treasury declined to renew a temporary license that had allowed NIS to operate under exemptions.
The company said in a statement it is adapting to new conditions while ensuring regular fuel supply and stability for its 5,000 employees, adding that all fuel stations are fully stocked.
NIS, Serbia’s largest energy company, operates the country’s only oil refinery in Pancevo and a nationwide network of fuel stations. The company is majority-owned by Russia’s state-controlled Gazprom Neft (44.85 percent), with the Serbian state holding around 30 percent, Russia’s JSC Intelligence 11.3 percent, and small shareholders about 14 percent.
The United States first imposed sanctions on NIS in January, describing it as part of Moscow’s strategic energy network in Europe.
Since being placed on the U.S. Specially Designated Nationals (SDN) list, NIS had operated under eight temporary waivers from the Treasury’s Office of Foreign Assets Control (OFAC), the last of which expired on Wednesday.
Vucic said the Pancevo refinery could continue operating without new oil imports until Nov. 1, adding that Serbia has sufficient reserves — about 342,000 tons of diesel, 66,000 tons of gasoline, and 120 days’ worth of fuel oil — to cover short-term needs.
He announced an extraordinary meeting of NIS shareholders, including Russian representatives, to discuss alternative supply routes and the refinery’s capacity to process non-Russian crude.
The president also warned that Croatia’s JANAF pipeline is expected to halt oil deliveries, which could complicate Serbia’s logistics. “We will have no shortages before the New Year, but the months ahead will be difficult,” he said.
