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Finance

Gazprom Neft given 45 days to exit ownership of Serbia's NIS, president says

Published by Global Banking and Finance Review

Posted on January 10, 2025

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BELGRADE (Reuters) - Following new United States sanctions against Russia's oil sector, Gazprom Neft will be given 45 days to exit ownership of the Serbian oil company NIS, Serbian President Aleksandar Vucic said on Friday.

NIS is majority owned by Gazprom Neft which holds a 50% stake and Gazprom which holds 6.15% of shares.

The Biden administration on Friday imposed its broadest package of sanctions yet targeting Russia's oil and gas revenues in an attempt to give Kyiv and the incoming administration of Donald Trump leverage to reach a deal for peace in Ukraine.

"They demand from us a complete exit of Russians from NIS, remove, not reduce," Vucic said. He said the Balkan country will be given a March 10 deadline to close the deal with Russians.

(Reporting by Ivana Sekularac and Daria Sito-Sucic; Editing by Kirsten Donovan)