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Belgrade is ready to purchase Russia’s share in the Naftna Industrija Srbije (NIS), a key energy company in Serbia, in the wake of looming US sanctions against it, the Serbian President Aleksandar Vucic has stated.
Washington threatened to impose sanctions against NIS over Russian ownership. Russia provides about 15% of Serbia’s total energy needs. Vucic said that buying out the Russian stake in NIS is a last resort to avoid sanctions due to be imposed on January 10.
NIS is predominantly owned by Russian energy giants Gazprom Neft and Gazprom, which hold 50% and 6.15% stakes respectively, while the Serbian government itself owns 29.87%.
Vucic said “We have the money to buy it out right away. If the company is estimated to be worth €1 billion, then we’re talking about €600 million or so.” It was not entirely clear what Vucic’s valuation of NIS was based on. According to the 2023 list of the country’s top 100 companies, compiled by the Serbian government, the estimated worth of the NIS assets alone stood at €4.4 billion.
Vucic has been highly critical of the US sanctions strategy, not only because it has forced Serbia to act against its own interests, but also that the potential sale of NIS shares would actually provide Russia with money.
Meanwhile, Dubravka Dedovic, the Serbian Minister of Mining and Energy has announced the creation of a workgroup tasked with striking a new long-term natural gas supply contract with Russia, stating that “We will try to reach a new long-term agreement with Russia on gas supplies on better terms. Keeping close ties with Moscow is an absolute priority.”
NIS has said that it is conducting business as usual in Serbia and is monitoring the situation. Supplies to Serbia are continuing without interruption and there are no shortages, according to the company.
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