Serbia seeks extension on Russian exit from oil firm NIS amid US sanctions

Serbian Mining and Energy Minister Dubravka Djedovic Handanovic announced on January 22 that Serbia is actively seeking a solution for its Russian majority-owned oil company, Naftna Industrija Srbije (NIS), which is currently under US sanctions. 

She indicated that resolving the situation is in the interest of both the US. and Russia, particularly with the impending Trump administration, Caliber.Az reports, citing Serbian media.

Handanovic stated that Serbia will request an extension of the February 25 deadline for the complete exit of Russian capital from NIS. She reassured consumers and businesses that the Serbian government is committed to finding the best solution for the company.

"We are working with commitment, we have spoken with both the US and the Russian side and there are more consultations to be held, we have a few more weeks," she said.

She also added that "it is still too early to discuss specific options for NIS,” emphasizing the need for the two sides to begin formal discussions before any concrete decisions can be made.

To recall, the US has imposed major sanctions against the Serbian petroleum industry NIS in January 2025, which enjoys majority ownership by Russian gas companies Gazprom Neft and Gazprom. 

The new wave of sanctions that were introduced by the outgoing US administration are mainly targeting Russian oil companies, as well as over 100 oil tankers that are now partially stranded in the oceans with their cargo.

By Aghakazim Guliyev