Vučić urges calm over US sanctions on Serbian oil company NIS

Serbian President Aleksandar Vučić has called on citizens to remain calm and not panic in response to new US sanctions targeting the Serbian oil company Naftna Industrija Srbije (NIS).

Speaking to Belgrade’s B92 radio station, Vučić reassured the public that the situation was under control, emphasising that the country currently holds 340,000 tons of diesel fuel in reserve, a quantity he described as significant. He acknowledged that potential problems could arise if the refinery ceases operations but expressed confidence that the government would find a solution to avoid disruption, Caliber.Az reports per Russian media. 

The United States included NIS, a subsidiary of Russia’s Gazprom Neft, on its Specially Designated Nationals (SDN) list in early 2025. The imposition of sanctions has been delayed multiple times, most recently until October 8, in what appears to be a phased approach.

Vučić revealed that Washington is demanding a full withdrawal of Russian capital from the company. He recalled that control of NIS was handed over to Gazprom Neft by the Serbian government in 2008. Since then, he said, the company has contributed significantly to the national budget and has played a key role in the development of various infrastructure and energy projects.

By Sabina Mammadli