U.S. Sanctions Loom Over Serbia's Sole Oil Refinery
The United States will impose sanctions on Serbia's Russian-owned oil company NIS starting October 1, potentially affecting Serbia's only oil refinery in Pancevo. The sanctions are part of a broader set placed on Russia's oil sector, with implications for supply and operational challenges for NIS.
The United States is set to impose sanctions on Serbia's Russian-owned oil company, NIS, starting October 1 as communicated by President Aleksandar Vucic. This move targets Serbia's sole oil refinery, which operates in the town of Pancevo.
Initially, the U.S. Treasury's Office of Foreign Assets Control placed sanctions on Russia's oil sector on January 10, stipulating that Gazprom Neft must exit ownership of NIS within 45 days. However, sanctions have been postponed multiple times, most recently in August until September 26.
Gazprom Neft, holding a significant stake in NIS, attempted to transfer partial ownership to Gazprom earlier this year. Meanwhile, the sanctions could complicate financial transactions and salary payments within NIS, with broader concerns about the supply chain affecting Serbia's energy sector.
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