Serbia is preparing to buy back Russia’s stake in strategic energy company Naftna Industrija Srbije (NIS) as a move to avoid the risk of being sanctioned by the United States, Serbian President Aleksandar Vucic announced in an interview with national television RTS on January 5.
Currently, NIS is mainly owned by Russian energy giants Gazprom Neft (50%) and Gazprom (6.15%), while the Serbian government holds 29.87% of the shares. President Vucic affirmed that Serbia has enough financial resources to buy back Russia's shares immediately if necessary.
“We have enough money to buy it right away. If the company is valued at around 1 billion euros, then the amount we need is around 600 million... Whether it is 500, 600 or 700 million, it doesn't matter,” he said.
However, he also questioned the real purpose of the US sanctions, saying that the sale of NIS shares would bring immediate financial resources to Russia. According to him, the sanctions are expected to be imposed from January 10 or 13.
According to the Serbian government's 2023 report, the value of NIS assets is estimated at 4.4 billion euros. However, President Vucic's statements have not clarified the basis for the figures he gave.
At the same time, Serbian Energy Minister Dubravka Dedovic also announced plans to set up a working group to negotiate a long-term gas supply contract with Russia, with the aim of achieving more favorable conditions.
“Maintaining close relations with Russia is our absolute priority,” Ms. Dedovic stressed.
Meanwhile, NIS company affirmed that business operations are still running normally and there are no disruptions in the supply chain.
The tensions surrounding the NIS reflect the geopolitical pressure Serbia faces. Since the outbreak of the Ukraine conflict in 2022, the US and other Western countries have imposed a series of sanctions on Russian companies. Serbia, which maintains a neutral stance and continues to maintain close economic ties with Russia, has come under intense pressure from the US and the EU to join the sanctions.
Earlier, Serbian Deputy Prime Minister Aleksandar Vulin criticized that the US was using the NIS sanctions as a way to pressure Serbia to "turn its back" on Russia.
One of the options Serbia is considering is to reduce Russia's stake in NIS to below 50% to avoid sanctions. This issue was also discussed by President Vucic in a phone call with Russian Foreign Minister Sergei Lavrov.
Despite the huge challenges, President Vucic affirmed that Serbia will do everything to ensure stability and national energy security. However, he also warned that the near future will not bring “much good news” for the Serbian people.
