US to sanction NIS on October 1 due to Russian ownership

The United States will impose sanctions on Naftna Industrija Srbije (NIS) on October 1 due to its majority ownership by Russian interests. Serbian President Aleksandar Vucic expressed concerns about the impact of these sanctions, stating that banks will not be allowed to work with NIS, which could lead to difficulties in paying salaries and other expenses. He added, "But let"s wait and see for October 1, maybe a miracle will happen."

The Pancevo facility, which is the only refinery in Serbia, has an annual capacity of 4.8 million tons and meets most of the country"s energy needs. The sanctions could jeopardize its supply of crude oil, particularly through Croatia"s Janaf pipeline. Earlier this year, NIS sold off 5% of its shares in an attempt to avoid sanctions.

For more on related coverage, see our article on recent developments regarding international sanctions.

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