Vučić announces time window for Russian NIS sale to protect Serbia’s economy

The Serbian government has decided against the immediate nationalisation of Naftna Industrija Srbije (NIS), President Aleksandar Vučić announced.

According to Srbija Danas, Vučić stated that Serbia will request a 50-day operating license from the United States to allow time for finding a buyer for Russia’s stake in the company.

“We must allow our friends from the UAE and Hungary, who are negotiating with the Russians, some time. We only know part of what the Russian side is discussing. My plan is to give them this window,” Vučić said in a national address. He warned that if NIS were shut down, it could threaten Serbia’s entire economic and social life cycle, affecting payments, lending, supply of goods, and healthcare.

Vučić emphasised that Serbia does not plan to nationalise NIS immediately. However, he warned that if no buyer emerges within 50 days, the country will have no choice but to intervene. In that case, Serbia would first impose its own management and then offer Moscow the highest possible price for its stake.

Serbian Energy Minister Dubravka Jedovic-Handanovic previously reported that Russian owners agreed to sell a 56.15% stake in NIS, though the identity of the third-party buyer remains undisclosed, as these are ongoing business negotiations. She also confirmed that Gazprom Neft, the Russian owner, had requested an extension of NIS’s operating license to facilitate the potential transfer of control to a third party.

NIS, a subsidiary of Gazprom Neft, was added to the US SDN List in early 2025, prompting Washington to demand the complete withdrawal of Russian capital from the company. Vučić recalled that in 2008, the Serbian government had transferred control of NIS to Gazprom Neft, which has since contributed significantly to Serbia’s budget and development projects.

Currently, Gazprom Neft holds 44.85% of NIS, the Serbian government owns 29.87%, and Intelligence JSC (managed by Gazprom Capital LLC) controls 11.3%. Gazprom PJSC directly owns one share, and NIS also has minority shareholders.

NIS is Serbia’s only hydrocarbon exploration and production company and operates a large oil refinery in Pančevo. The company dominates the national petroleum products market and maintains a network of over 400 gas stations in Bosnia and Herzegovina, Bulgaria, and Romania.

By Tamilla Hasanova