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Serbia faces economic challenges as U.S. sanctions threaten NIS oil industry

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Serbian President Aleksandar Vučić announced that the United States will officially impose direct sanctions on the Serbian oil industry (NIS) by January 15, 2025, which could cause significant issues for the country’s oil supply and impact the national economy. In a meeting with the Serbian government, Vučić warned that these sanctions would lead to complications for the Pancevo Refinery and Petrochemicals, as well as other major Serbian industrial players, potentially putting Serbia in a difficult situation.

Vučić suggested the formation of two teams under the coordination of Prime Minister Miloš Vučević to address the issue and also mentioned plans for a conversation with Russian President Vladimir Putin at the end of January regarding the NIS and gas arrangements. He emphasized the importance of discussing NIS with the Russians, adding that any “hostile takeover” of the company should be considered only as a last resort.

He further explained that this situation represents a major challenge for Serbia, particularly in the current geopolitical context, and could bring numerous complications. Vučić also pointed out that even if Serbia were to buy out the Russian share of the company, the funds would eventually end up being used in the ongoing conflict in Ukraine.

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He highlighted that Serbia maintains strong connections with members of the Trump administration, who are influential in addressing the sanctions issue concerning NIS.

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