Governor of the National Bank of Serbia (NBS) Jorgovanka Tabaković stated that the central bank has received a warning about the possible introduction of so-called secondary sanctions related to Naftna Industrija Srbije (NIS), stressing that the warning has been taken very seriously. “For us, this represents a serious threat, and we are treating it with full seriousness,” she said during the presentation of the Inflation Report – November 2025.
Tabaković added that the NBS has not received a detailed explanation of what such secondary sanctions would specifically entail. “The very term ‘sanctions’ does not sound good. I hope they will not be imposed, because that would mean a blockade of all payments,” she emphasized.
The governor also questioned why Serbia is not being allowed to buy NIS itself. She pointed out that Serbia holds €29.4 billion in foreign exchange reserves, that the state treasury is full, and that the country does not even have enough storage capacity for its gold.
