Vučić says NIS has three options to save itself, mentions January 15 as deadline

2025-12-09 19:14:22, Kosova & Bota CNA

Vu?i? says NIS has three options to save itself, mentions January 15 as

President Aleksandar Vu?i? said on Tuesday that there are three options for resolving the issue of the Oil Industry of Serbia (NIS), which is under US sanctions due to its Russian ownership.

The Serbian president said that the first option is for the Americans to grant a license to NIS or lift sanctions against Russian companies, "which is impossible."

While, according to him, the second possibility is that "it is more likely that the Russians will sell their shares to another company. I hope they will do this. And, thirdly, and I hope this will not happen, that we will have to act as a state."

The Serbian president said that the NIS issue must be resolved within a period of 37 days, or by January 15.

In a discussion within the GLOBSEC BELTALKS Forum, Vu?i? stressed that everyone should understand that there is no extension of the deadline and that the supply of fuel to the citizens and economy of Serbia should not be jeopardized.

He stressed that the country also faces the risk of secondary sanctions against the National Bank of Serbia and commercial banks, and that Serbia's investment rating is at risk due to the situation in the NIS.

The US imposed sanctions against NIS on October 9, as Russia owns a majority stake in it.

Serbia holds 29.87 percent of the shares, while the rest is in the hands of minority shareholders.

As Vu?i? said, Serbia will not nationalize NIS, in case state intervention is the last option for the company's further operations - it will pay for the Russian share.

"My friends from all over the world have told me that I have put Serbia in a difficult position because we have not imposed sanctions on Russia. They understand that we have various problems, but that in the end we must fully fulfill the requirements. I am sure that the Russians understand everything very well and that if the sanctions are not lifted, they will have to sell the company," Vu?i? said.

He added that he cannot imagine a situation where gas stations in Serbia would be empty.

The aim of the US sanctions, targeting the Russian energy sector, is to prevent Russia from further financing the invasion of Ukraine.

Sanctions against NIS have been postponed eight times.

Vu?i? said he is still waiting for news from Moscow regarding the gas deal and that Serbia is ready to diversify its energy sources.

"I cannot predict how the issue of the energy situation in Serbia will end, because no one wants to listen to the other side anymore," he said.

Serbia has been dependent on Russian gas for decades, importing 80 percent of its needs.

The contract with Moscow for the import of this energy source expired in May. A new one has not yet been signed./REL