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Serbia will protect its interests regarding NIS oil company, president says
Published by Global Banking and Finance Review
Posted on October 13, 2025
2 min readLast updated: January 21, 2026
Global Banking and Finance Review
Company
Published by Global Banking and Finance Review
Posted on October 13, 2025
2 min readLast updated: January 21, 2026
Serbia is committed to safeguarding its interests in NIS oil amid U.S. sanctions, with President Vucic ensuring no energy crisis will occur.
BELGRADE (Reuters) -Serbia will do everything it can to protect its interests in the face of U.S. sanctions against Serbia-based, Russia-owned oil company NIS, its president Aleksandar Vucic said on Monday.
Washington announced sanctions in January against NIS, Serbia's biggest oil importer and one of Russia's last remaining energy assets in Europe, over Moscow's 2022 invasion of Ukraine.
A series of waivers, however, had delayed them until last week, when NIS said that no further postponement was forthcoming.
"Our Russian friends have understood our message. We understood their interests. We will do everything, tactically and strategically, in the best interest of Serbia," said Vucic in a video post on Instagram.
The post followed what Vucic called "frank, open and sincere talks" with Alexander Dyukov - CEO of NIS's parent company Gazpromneft - and Russia's deputy energy minister Pavel Sorokin.
"There will be no shortages of crude oil, its derivatives and no energy crisis," he added.
Vucic did not specify the scope of measures Serbia could undertake to secure unimpeded supplies of crude oil.
The decision on Thursday by the U.S. Treasury's Office of Foreign Assets Control prompted the JANAF oil pipeline from neighbouring Croatia, which supplies crude to the NIS refinery near Belgrade, to cut shipments.
Without deliveries, NIS - Serbia's only refinery, accounting for around 80% of all its oil products from gasoline to jet fuel - will struggle to operate beyond November 1, Vucic said last week.
(Reporting by Aleksandar Vasovic; Editing by Susan Fenton and Joe Bavier)
An oil company is a business involved in the exploration, extraction, refining, and distribution of oil and its products, playing a critical role in the global energy market.
Energy security refers to the reliable availability of energy resources to meet the needs of consumers, ensuring that energy supply is stable and affordable.
A refinery is an industrial facility where crude oil is processed and transformed into useful products such as gasoline, diesel, and other petrochemicals.
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