Sanctions imposed on NIS in January as part of its crackdown on the Russian energy sector go into force.<\/p>\n
Published On 9 Oct 20259 Oct 2025<\/p>\n
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US sanctions on Serbia\u2019s majority-Russian-owned Petroleum Industry of Serbia (NIS) oil company, which operates the country\u2019s sole refinery, have taken effect after months of delay.<\/p>\n
After the sanctions came into force on Thursday morning, NIS said it \u201chad not yet been granted an extension of the special licence from the United States Department of the Treasury\u201d.<\/p>\n
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\u201cNIS is working to overcome this situation,\u201d it said in a statement, adding it would work with the US Treasury to seek its removal from the sanctions list.<\/p>\n
Serbia almost entirely depends on Russian gas and oil supplies, which it receives mainly through pipelines in Croatia and other neighbouring states.<\/p>\n
The fuels are then distributed by NIS, which is majority-owned by Russia\u2019s state oil monopoly Gazprom Neft.<\/p>\n
The US sanctioned NIS in January as part of its crackdown on the Russian energy sector following Moscow\u2019s invasion of Ukraine in 2022.<\/p>\n
The company said it has \u201csufficient crude oil reserves for processing at this time, while petrol stations are fully supplied with all types of petroleum products\u201d.<\/p>\n
President Aleksandar Vucic warned on Monday that the sanctions would have a serious impact and hit the banking sector first.<\/p>\n
\u201cThere is no bank in the world that would risk violating US sanctions,\u201d Vucic said.<\/p>\n
NIS confirmed it expects foreign payment cards to \u201ccease functioning\u201d, with petrol stations accepting only Serbia\u2019s domestic card or cash.<\/p>\n
Although formally seeking European Union membership, Serbia has refused to join Western sanctions against Russia over its invasion of Ukraine, in part because of the crucial Russian gas deliveries.<\/p>\n