U.S. Set to Slap Sanctions on Serbian Oil Giant Amid Russian Ownership Concerns

The U.S. plans to impose financial sanctions on Serbia's oil company NIS due to its Russian ownership, primarily held by Gazprom Neft and Gazprom. President Aleksandar Vucic indicated the U.K. and EU are likely to follow. Serbia, reliant on Russian gas, has discussed reducing Russian ownership stakes.

The United States is gearing up to impose financial sanctions on Serbia's petroleum company, NIS, citing concerns over substantial Russian ownership. This development was revealed by Serbian President Aleksandar Vucic on Friday.

Vucic mentioned that the United Kingdom and the European Union are poised to echo U.S. sanctions, potentially stalling oil shipments via the Croatia pipeline. As of now, official documentation detailing these sanctions is still pending.

Despite condemning Russia's invasion of Ukraine in international forums, Serbia has hesitated in aligning with Western sanctions against Russia, mainly due to its reliance on Russian gas resources. Gazprom Neft and Gazprom jointly hold over a 56% stake in NIS, sparking discussions in Serbia about potentially reducing Russian control under the 50% mark.

(With inputs from agencies.)