Key Facts
• October 9, 2025: U.S. sanctions on Serbia’s NIS oil company began.
• U.S. demands full removal of Russian ownership for sanctions to be lifted.
• NIS is 45% owned by Gazprom Neft, with 11.3% recently transferred to another Russian firm.
• Serbia’s government owns 30% of NIS, with the rest held by minority shareholders.
• February 13, 2026: U.S. sets deadline for negotiations on sanctions resolution.
• Sanctions threaten to halt operations at Serbia’s only refinery, risking an energy crisis.
• Serbia is one of the few European nations not imposing sanctions on Russia.
• Energy Minister Dubravka Jedovic-Handanovic confirmed U.S. stance on Russian capital withdrawal.
• Serbian government considers acquiring NIS to meet U.S. conditions.
• Emergency cabinet meeting scheduled for October 16, 2025.
Summary
The U.S. has imposed sanctions on Serbia’s NIS oil company, citing its significant Russian ownership as a critical issue. To lift these sanctions, the U.S. demands the complete removal of Russian capital from NIS. Currently, Gazprom Neft holds 45% of NIS, with an additional 11.3% recently transferred to another Russian entity. The Serbian government, which owns 30% of the company, is exploring options to acquire NIS and comply with U.S. conditions. The sanctions, effective since October 9, 2025, threaten to shut down Serbia’s only refinery, potentially triggering a winter energy crisis. The U.S. has set a February 13, 2026, deadline for negotiations, marking the first time it has explicitly demanded the full withdrawal of Russian shareholders. Serbia, heavily reliant on Russian gas, remains one of the few European nations not imposing sanctions on Russia. An emergency cabinet meeting is planned for October 16, 2025, to address the issue.
