US EditionSerbia Has Enough Reserves As Sanctioned Refinery Faces Shutdown
Serbia's government confirms fuel reserves exceed 248,000 barrels amid refinery risks from U.S. sanctions and supply disruptions, with ownership talks ongoing under a special license.
- Last week, Naftna Industrija Srbije asked OFAC to keep operating while negotiations, and OFAC issued a license until February 13, 2026, with officials warning of an imminent shutdown as early as Tuesday.
- Supply and payment channels faltered when banks processing NIS stopped after the last U.S. waiver expired on October 8, and Croatia's JANAF pipeline halted deliveries amid sanctions enforcement from October 9.
- Ownership records show Russia's Gazprom Neft and Gazprom affiliates control NIS after a 2008 sale for 400 million euros, with the Serbian state holding nearly 30 percent and Hungary's MOL reported as a potential minority buyer last week.
- President Aleksandar Vučić added that `It has not been shut down yet, but it is already running at a reduced level compared to normal`, as the government said reserves can cover needs and is ready to use them if necessary.
- Analysts caution that imports only delay collapse as Vučić set a 50-day deadline and warned the National Bank of Serbia may cease cooperation, with Mastercard and Visa blocked at NIS stations.
29 Articles
29 Articles
Serbia's Russian-Owned Oil Refinery Nears Shutdown Under US Sanctions
Serbia’s oil refinery, owned by Russia’s NIS, will shut down in four days if the U. S. does not lift sanctions on the project, which would threaten fuel supplies during winter, according to President Aleksandar Vucic. While there are enough fuel reserves for the short term, closing the refinery will stop production of gasoline, diesel, […] The post Serbia’s Russian-Owned Oil Refinery Nears Shutdown Under US Sanctions appeared first on Modern Dip…
Serbia has given the Russian owners of the Oil Industry of Serbia (NIS) 50 days to find a new owner, and if that doesn't happen, President Aleksandar Vučić announced that Serbia will introduce "its own administration" and offer the Russians "the highest possible price."
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