Russian Owners to Relinquish Control of Serbian Oil Firm Amid Sanctions

Russian owners of the Serbia-based oil firm NIS are ready to relinquish control due to U.S. sanctions. The company, currently partially owned by Russia's Gazprom Neft and Gazprom, saw its owners seek approval from the U.S. Treasury to transfer control to a third party, as reported by Serbian energy minister.

Amid U.S. sanctions, Russian owners have expressed their readiness to relinquish control of the Serbia-based oil company, NIS. Serbian Energy Minister Dedovic Handanovic announced this decision on Instagram, marking a significant shift in the company's ownership dynamics.

NIS is a key player in Serbia's energy sector, with a 44.9% stake owned by Russia's Gazprom Neft and 11.3% by Gazprom. The remaining shares are held by the Serbian government. The Russian stakeholders have formally approached the U.S. Treasury's Office of Foreign Assets Control, seeking approval to transfer their influence and control to an independent third party.

This development comes as the company faces the impact of ongoing sanctions, prompting the Russian owners' strategic move to ensure NIS's operational stability and compliance with international regulations.

(With inputs from agencies.)