Russian oil producer Gazprom Neft has transferred around 5.15% of its shares in Serbian oil and gas company NIS to parent company Gazprom in response to US sanctions, reported Reuters.
The move aims to prevent disruptions in Serbia’s crude oil supply by complying with the sanctions imposed on Russia’s oil sector on 10 January, which required Gazprom Neft to divest its ownership in NIS within 45 days.
Go deeper with GlobalData
According to public notices from the Belgrade stock exchange (BELEX), Gazprom Neft’s stake in NIS has decreased to 44.85% from 50%, while Gazprom’s share has risen to 11.3% from 6.15%.
This adjustment means Gazprom Neft no longer holds an absolute majority in NIS, which operates Serbia’s only crude oil refinery in Pancevo, near Belgrade.
The strategy mirrors a similar action taken in 2022 to sidestep EU sanctions, but it remains unclear whether it will satisfy US authorities.
Serbia’s Energy Minister, Dubravka Djedovic Handanovic, stated on live TV: “We are continuing talks with both the US and Russia to reach a solution.”
The Serbian Government owns a 29.87% stake in NIS, with the rest held by minor shareholders.
Serbia, a long-standing ally of Russia, has appealed to the US Treasury Department for a 90-day sanctions waiver to explore a “sustainable solution that would lead to the lifting of sanctions”.
Handanovic reported that Serbia has stockpiled enough fuel to last at least three months.
However, without a waiver, Serbia risks a shortage, as NIS, which caters to roughly 80% of the domestic retail market, would be blocked from importing crude oil via Croatia’s Janaf pipeline.
Trading of NIS shares on the BELEX was halted on 14 January due to the implementation of US sanctions.
Last month, Serbia established a coordination body to ensure a stable and secure supply of oil and natural gas amid US sanctions on NIS.
