US to impose 'full sanctions' on Serbia’s oil sector in January: Serbian president

BELGRADE

Serbian President Aleksandar Vucic has confirmed that the US will impose 'full sanctions' on the Petroleum Industry of Serbia (NIS), a company largely owned by Russian energy giant Gazprom Neft.

In an interview with Serbia's Radio and Television (RTS), Vucic addressed ongoing concerns about possible US sanctions, confirming that they are expected to take effect in mid-January.

According to him, the sanctions are not connected to Russia’s military activities or financial matters but appear to be aimed at pressuring Serbia to align more closely with US policies.

Vucic pointed to two key uncertainties regarding the sanctions: whether they will target the entire Russian management or specific shares, and the exact timing of their enforcement.

He stressed that the government is making efforts to buy time to better prepare for the upcoming measures.

The president also announced plans to meet with the incoming US Treasury secretary and expressed hope that some restrictions could be reconsidered after the inauguration of US President-elect Donald Trump and his administration.

Assuring citizens that Serbia has sufficient oil reserves, Vucic urged the public not to worry about fuel shortages or stockpiling.

Serbia’s Mining and Energy Minister Dubravka Djedovic Handanovic confirmed that two specialized teams have been established to minimize the impact of the sanctions on NIS and to ensure the continuation of long-term gas supply negotiations with Russia.

Gazprom Neft has held a significant share in NIS since 2008. Both the US and the EU blacklisted the company in 2014.

* Writing by Alperen Aktas from Istanbul