US sanctions Serbian oil giant NIS over Russian ties

January 10, 2025 - The U.S. has imposed sanctions on Serbian oil company NIS, citing its ties to Russia’s Gazprom Neft. The move, backed by the UK, targets Gazprom Neft and Surgutneftegas over their involvement in Russia’s energy sector.

Gazprom Neft holds a 50% stake in NIS, with the Serbian government owning 29.87% and Gazprom itself controlling 6.15%. These companies have been under Western sanctions since Russia’s annexation of Crimea in 2014.

The sanctions aim to further isolate Russia from international markets, with NIS operating more than 400 fuel stations across the Balkans. Serbia, though neutral, continues to face pressure due to its close ties with Russia.