US sanctions on Naftna Industrija Srbije (NIS) have sparked questions about whether the use of Serbia’s domestic DinaCard at NIS gas stations could expose the National Bank of Serbia (NBS) to American measures. Following the sanctions, Visa and Mastercard payments at NIS stations are no longer possible. However, NBS has assured that cash and DinaCard payments will continue uninterrupted.
DinaCard is Serbia’s national payment card, operating exclusively in dinars within the country and independent of international financial networks. The system was established in 2003 to promote cashless payments and combat the shadow economy.
Some US officials have warned NBS that allowing DinaCard transactions at NIS stations could be considered a breach of sanctions. Financial analyst Branislav Jorgić explained that, from the US perspective, transactions between NIS and its customers using DinaCard could implicate NBS as the system operator. He suggested that, if ignored, such warnings could eventually lead to gradual sanctions against NBS, potentially including asset freezes abroad—though he considers this unlikely.
Economist Veljko Mijušković from the University of Belgrade emphasizes that DinaCard transactions are domestic and do not involve US financial infrastructure, making them legally outside the reach of US sanctions. He notes that central banks like NBS are generally exempt from sanctions and that any US pressure would likely be political rather than enforceable.
In practice, DinaCard payments within Serbia would continue normally even under hypothetical sanctions, with no direct impact on citizens. Any challenges would only arise in international dollar transactions, which could be redirected through euros or other currencies. NBS has sufficient foreign reserves and multiple channels to ensure continuity.
Similarly, Banka Poštanska štedionica’s domestic transactions with NIS in dinars are compliant with national law and under NBS supervision, meaning it is not legally subject to US sanctions. Maintaining domestic payment stability remains a priority for both institutions.
