Luxembourg’s Tageblatt reports that Serbia’s NIS faces potential U.S. sanctions, which could deepen the country’s energy dependence on Russia—a situation Serbia itself has created.
The article notes that despite the looming threat of U.S. sanctions on NIS since early 2025, confusion persists within the Serbian government. Since the start of the war in Ukraine in February 2022, Serbia has resisted joining EU sanctions, a stance that has stalled its EU integration process.
NIS, majority-owned by Russia, is one of Serbia’s key enterprises, contributing around €2 billion annually—about a tenth of the state budget. Washington has demanded since January that Belgrade divest the Russian majority stake in NIS, arguing that Moscow uses its profits to finance the war in Ukraine. However, hopes that the new U.S. administration might be more understanding have proven futile.
Tageblatt recalls that Serbia granted Gazprom a majority stake in NIS in 2008 for just €400 million, far below market value, as a gesture of gratitude for Russian support regarding Kosovo. Now, Russia shows little interest in assisting Serbia, which finds itself in an energy bind. Compounding the issue, Russia has yet to renew a gas supply agreement with Serbia, which expired in May 2025, possibly using it as leverage over NIS.
Currently, Serbia relies on Russia for 90% of its gas imports. While President Aleksandar Vučić has announced future gas imports from Azerbaijan, Tageblatt notes that diversification efforts are arriving too late. Critics argue that Serbia has effectively trapped itself in near-total energy dependence on Russia, a situation shaped by government policies over the past 10–15 years that deliberately avoided alternative gas sources.
