Serbia's Strategic Oil Reprieve Amid U.S. Sanctions

Serbia has received a three-month reprieve for its oil company NIS from U.S. sanctions. Gazprom Neft and Gazprom, holding a majority stake in NIS, have expressed willingness to transfer control to a third party. The sanctions, which became effective on October 8, risk impacting Serbia's fuel supply.

Serbia has been granted a crucial three-month reprieve that affects its oil company NIS amidst U.S. sanctions. This development comes as a relief with winter approaching.

Gazprom Neft and Gazprom, possessing a controlling 56% stake in NIS, have shown readiness to relinquish their control to a third party. This move is an attempt to navigate around the stringent sanctions.

Although the U.S. initially targeted Russia's oil sector with sanctions in January, the restrictions specifically on NIS were delayed multiple times before finally taking effect on October 8, potentially jeopardizing Serbia's oil supply.

(With inputs from agencies.)