Russian company Gazprom has transferred 11.3% of its shares in Serbia’s Naftna Industrija Srbije (NIS) to its wholly-owned subsidiary, Intelligence, based in Saint Petersburg. The transfer was done without payment, meaning the shares—worth millions on the market—were given for free. Gazprom retains a single share, while Serbia holds 29.87% and Intelligence now officially owns 11.3%.
Analysts describe the move as largely cosmetic since Intelligence is fully controlled by Gazprom. However, it could be a preparatory step for selling this stake to the Serbian state or a third party, possibly as a way to secure financing or attract foreign investors.
This ownership change occurs as NIS seeks, for the seventh time, a delay in U.S. sanctions. Experts suggest the transfer might be aimed at circumventing sanctions or appeasing U.S. authorities, though its effectiveness remains uncertain. Despite the reshuffle, NIS remains effectively under Russian control.
Financial analysts and journalists note that the transaction highlights the opaque nature of the process, with speculation about potential sales or further delays in sanctions, while Serbia has limited influence over negotiations between Gazprom and the U.S. government.
