The Belgrade Stock Exchange announced that the ownership structure of the Oil Industry of Serbia (NIS) has been modified. Russian Gazprom Neft transferred around five percent of its shares in NIS to Gazprom. According to documents published on the Stock Exchange, Gazprom Neft reduced its ownership stake in NIS from 50 percent to approximately 44.85 percent.
Meanwhile, Gazprom’s ownership in NIS has increased from 6.15 percent to 11.30 percent. The remaining shares in NIS are held by the State of Serbia, with a 29.87 percent stake, while citizens, current and former employees, and other minority shareholders own the rest.
This change in ownership was made to avoid U.S. sanctions imposed on NIS in January 2023, targeting Gazprom Neft’s stake as part of efforts to prevent Russia from using energy revenues to finance the war in Ukraine. The sanctions are expected to take effect tomorrow.
Stock market expert Nenad Gujaničić commented to the Beta agency, noting that Gazprom Neft transferred approximately five percent of its shares in NIS to Gazprom without any compensation or payment. He also recalled that in 2022, Gazprom Neft had sold around six percent of its NIS shares to Gazprom in a block transaction due to EU sanctions, which helped the company avoid significant issues.
However, Gujaničić pointed out that it’s difficult to determine the reasons behind the new restructuring of ownership and whether it will impact the U.S. sanctions. He questioned whether the change will satisfy the U.S. authorities, noting that while it might nominally meet the sanctions’ requirements, the core issue of the Serbian government’s goal to “expel the Russians from NIS” remains.
He also expressed skepticism about the effectiveness of this latest move, suggesting that while it may appear to be a simple adjustment, it might not be enough to meet the expectations of the U.S., just as the previous transfer of shares in 2022 did not fully satisfy EU regulators.
“This may have been part of ongoing negotiations between Serbian and Russian officials to find a way around the sanctions. If this can be resolved so easily, it’s a positive development, but I’m not convinced this will be accepted by the U.S. as it was by the EU,” Gujaničić concluded.
