Nenad Popović, Serbia’s minister for international economic cooperation, discussed the future of Oil Industry Serbia, known as NIS. The company remains majority-owned by Gazprom Neft and Gazprom, with a stake surpassing 56 percent, reflecting a long‑standing link to Russian energy interests.
He noted that a coalition of ministers had been examining NIS issues in light of United States sanctions, assessing how the measures could affect operations, assets, and long‑term strategic options.
Popović stressed the importance of a unified approach with NIS and its Russian partners, saying that all decisions would be made collaboratively to align with both national interests and international constraints.
Sanctions against NIS are tied to the Russian capital invested in the firm controlled by Gazprom. Under the U.S. measures, there could be a requirement to withdraw or restructure Russian assets by February 25, 2025, a scenario that officials are monitoring closely.
Serbian President Aleksandar Vučić warned that such demands could endanger the country’s energy security and create significant economic risks, underscoring the government’s priority to protect critical energy infrastructure.
In response, officials signaled efforts to secure a delay in imposing sanctions, seeking a one-month postponement to cushion the impact on Serbia’s energy system and to allow for careful consultation with partners.
Earlier Vučić had indicated an openness to Russia’s involvement in NIS, a topic that remains central to Serbia’s balancing act between Western alignment and Eastern partnerships.
Analysts note that NIS stands as a cornerstone of Serbia’s energy system, and any material shifts in ownership or sanctions could ripple through the economy, affect employment, and alter regional energy dynamics.
These debates reveal Serbia’s careful navigation of Western sanctions regimes while preserving crucial ties to Russia, an effort to maintain energy security and economic stability.
Officials continue to weigh legal, political, and economic options, seeking a path that secures Serbia’s energy future while meeting international obligations and keeping prices for consumers stable.