Serbia: Russians to Sell NIS Oil Company Due to Sanctions

The Russian owners of the Petroleum Industry of Serbia (NIS) are prepared to sell their majority stake, according to Energy Minister Dubravka Djedovic Handanovic. Russia's GazpromNjeft holds 56.15% of NIS shares, which are subject to U.S. sanctions due to Russian ownership.

Dubravka Djedovic Handanovic declined to disclose with whom the Russians are negotiating, but mentioned that the NIS refinery has not received crude oil for 43 days due to U.S. sanctions. The government is trying to maintain normalcy in fuel supply by using reserves.

Economic analysts point out the difficulties in selling NIS. Economics professor Bozo Draskovic considers the sale to European buyers impossible, while considering a purchase by an Arab country company more likely.

The U.S. imposed sanctions on NIS in January, but postponed their implementation eight times. The sanctions took effect on October 9, 2025.

Source: ΑΠΕ-ΜΠΕ