US Sanctions Force Serbia Refinery to Shut Down

Serbia is facing an energy crisis as its sole oil refinery in Pancevo prepares for a shutdown due to U.S. sanctions against its Russian majority owner, NIS.

President Aleksandar Vucic announced that while fuel reserves are sufficient for the short term, he has set a 50-day deadline for the Russian stakeholders (who acquired NIS in 2008) to sell their controlling stake to a buyer, such as those from Hungary or the UAE.

If a deal cannot be reached within this timeframe, Vucic stated his government would be forced to nationalise the company and appoint its own management to secure energy supplies.

Serbia (News Central TV) — US sanctions force Serbian refinery to shut down. Credit: VOA

The President warned that maintaining ties with the sanctioned NIS could expose Serbia, which has not sanctioned Moscow, to secondary measures, potentially crippling its central bank and payment systems.

The National Bank of Serbia confirmed it would stop dealing with NIS if the deadline is missed.

Vucic characterised the situation as his country being subjected to “intense attacks and blackmail” caught between Washington and the Kremlin.

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Abisoye Adeyiga

Abisoye Adedoyin Adeyiga holds a PhD in Languages and Media Studies and a Master’s in Education (English Language). Trained in digital marketing and investigative journalism, she is passionate about new media’s transformative power. She enjoys reading, traveling, and meaningful conversations.