Serbia will secure payment transactions for Russian-owned NIS oil company for this week

Serbia's President Aleksandar Vucic said on Tuesday that the government has agreed to secure payment transactions for the U.S.-sanctioned Russian-owned oil company NIS until the end of the week, despite possible consequences.

Serbia needs to find a buyer for NIS, which is under U.S. sanctions because of its Russian ownership, and has warned that the country's oil refinery will have to shut this week unless sanctions are lifted.