The Russian owners of NIS AD, the main oil company and the only Serbian refinery that owns a majority in Russian Gazprom Neft, are willing to sell a share of the company to avoid imposing sanctions from USAsaid Serbian President Aleksandar Vucic.
Vucic confirmed to reporters at the Copenhagen Summit today (2.10.2025) that Gazprom may sell 11.3% of NIS shares and allow it to start importing slow oil produced in the US. The proposals are aimed at addressing the concerns expressed by the US foreign assets control. Gazprom and arm oil hold about 56% of the company a total of about 56%.
“The question is whether the Americans will accept it,” Vucic said, adding that while Russia may seek a compromise, US stance is probably reflecting wider political estimates.
US sanctions targeting the refinery have recently been postponed. They were first announced in January by outgoing President Biden. The measures have not come into force due to six postponements under the government of Donald Trump.
The NIS refinery in Punchevo, east of Belgrade, is currently importing crude oil via the Janaf pipeline from neighboring Croatia – a member of the EU as opposed to Serbia – and fears an impending interruption of supply if the ofc is no further extension.
Serbia has been offered to acquire the Russians from NIS – which it had sold to Gazprom in 2008 – but wants to avoid a forced acquisition. The company is vital to the Balkan country’s fuel market and remains one of the leading budget contributors.
A spokesman for the Russian Foreign Ministry said today that joint negotiations with the US on the issue are continuing, according to Interfax.