Serbia’s Russia-owned NIS oil refinery may shut down within four days unless the United States lifts sanctions on the project, President Aleksandar Vucic said on Tuesday. In a televised address, he warned that although the country has enough short-term reserves, halting operations at its only refinery would stop the production of gasoline, diesel, and jet fuel, posing a serious risk to the economy and winter energy security.
Vucic said he has given the refinery’s Russian stakeholders — primarily Gazprom Neft and Gazprom — 50 days to sell their shares, or the Serbian state will take over operations and move to buy them out. The refinery has already entered a “hot standby” mode, NIS said, allowing for a quick restart once crude oil becomes available. U.S. sanctions on Russia’s oil sector, fully enforced since October, have caused banks to block NIS transactions and led Croatia’s JANAF pipeline to halt crude supplies.
Despite the crisis, authorities insist Serbia has significant fuel reserves, including more than 200,000 metric tons of diesel and over 100,000 tons of gasoline across state and NIS stocks. Additional imports are expected through December and January. Washington has given NIS until February 13 to secure a buyer for the Russian stake as it pushes for complete Russian divestment from the company.
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