Serbia Vows to Shield Its Oil Interests Amid US Sanctions

Serbian President Aleksandar Vucic has stated that Serbia will protect its interests amid U.S. sanctions against NIS, a Russia-owned oil firm. The sanctions, intended to penalize Moscow's 2022 invasion of Ukraine, may impact Serbia's oil supply, but Vucic promises no energy shortages.

Serbia is taking a firm stand to defend its oil interests following sanctions imposed by the U.S. on the Serbia-based, Russia-owned oil company NIS. President Aleksandar Vucic declared on Monday that Serbia will employ every strategy available to safeguard its interests.

The sanctions, announced in January but delayed until recently, target Serbia's largest oil importer and one of Russia's last energy assets in Europe, following Moscow's invasion of Ukraine in 2022. Despite these sanctions, Vucic assured that there will be no energy crisis in Serbia, although he refrained from detailing specific measures.

The recent U.S. Treasury decision has led to the halting of crude shipments through Croatia's JANAF pipeline to the NIS refinery near Belgrade, raising concerns about the refinery's operations post-November 1. The talks with Russian energy leaders, including Gazpromneft's CEO and Russia's deputy energy minister, underscore the diplomatic efforts underway to resolve the issue.

(With inputs from agencies.)