Russia’s Gazprom Neft has reduced its ownership in Serbia’s top oil company, NIS, just as a US-imposed deadline on sanctions approaches. The move aims to prevent potential penalties that could cut off Serbia’s oil supply. According to official reports from the Belgrade stock exchange, Gazprom Neft lowered its stake from 50% to 44.85%. At the same time, another Russian company, Gazprom, raised its ownership in NIS from 6.15% to 11.3%.
The United States imposed new sanctions on Russia’s oil sector on January 10, giving Gazprom Neft 45 days to withdraw its control over NIS. The deadline expires on Thursday morning, local time. These sanctions are part of broader measures against Russia due to its geopolitical actions.
Gazprom Neft no longer holds an absolute majority in NIS, which operates Serbia’s only oil refinery in Pancevo, near Belgrade. This restructuring echoes a similar move in 2022, when the company attempted to avoid European Union sanctions. However, it remains uncertain if the latest changes will satisfy US authorities.
Serbia Seeks a Waiver to Avoid Fuel Crisis
Serbia has requested a 90-day waiver from the US Treasury Department to delay sanctions and find a lasting solution. The Serbian government, which owns nearly 30% of NIS, is actively negotiating with both Russian and American officials.
US Sanctions Threat Looms Over Serbia’s Oil Industry
Without a waiver, Serbia’s fuel supply could be at risk. NIS provides about 80% of the country’s oil and gas products, and sanctions could block its access to crude oil through Croatia’s Janaf pipeline. The Serbian Energy Minister confirmed that the country has stored enough fuel to last three months while searching for alternative sources.
Meanwhile, the Belgrade stock exchange suspended trading of NIS shares on January 14 due to the US sanctions. This has raised concerns among investors and the public, as uncertainty over the company’s future continues to grow.
Impact of Gazprom’s Stake Reduction on Serbia’s Energy Market
The reduction of Gazprom Neft’s stake in NIS could reshape Serbia’s oil industry. If the US does not grant a waiver, NIS may struggle to secure crude oil, affecting fuel availability across the country. Alternative suppliers are being considered, but no official agreements have been announced yet.
Serbia has historically maintained strong ties with Russia, relying on its energy resources. However, the latest sanctions pressure is forcing the country to make difficult choices. Government officials continue discussions with all parties involved, aiming to prevent fuel shortages and economic disruptions.
For now, Serbia’s oil reserves provide a temporary safety net. However, without a resolution, the country could face serious supply challenges in the near future. The outcome of US-Serbia negotiations will determine whether NIS can continue its operations without disruption.
