Serbian President Aleksandar Vučić said on Tuesday that there are three possible options for resolving the situation at Naftna Industrija Srbije (NIS), which is under U.S. sanctions, with January 15 set as the firm deadline for a solution.
“Option one is for the Americans to issue a license to NIS or lift sanctions on Russian companies, which is unlikely. More likely, the Russians will sell their shares to another company. I hope they do. Option three, which I hope will not happen, is that the state will have to intervene, and if it does, it will be by January 15 – 37 days from now,” Vučić said during a panel discussion on European competitiveness at the GLOBSEC BELTALKS forum in Belgrade.
Vučić emphasized that the January 15 deadline is final and that fuel supply for citizens and businesses must not be compromised.
He warned that Serbia is also facing potential secondary sanctions. “Every morning I check for news on secondary sanctions against our banks and commercial lenders. Serbia’s monetary and fiscal system is the strongest in the region. We are the only country with an investment rating here, and we are close to getting it from Moody’s and Fitch. Now everything is at risk because of NIS,” Vučić said.
Vučić added that Serbia will not nationalize NIS if state intervention becomes the last resort, but will instead pay for the Russian stake.
“My friends around the world have told me that I have put Serbia in a difficult position because we did not impose sanctions on Russia. They understand our challenges, but ultimately we must fully align with the requirements. I am confident the Russians understand the situation well, and if sanctions are not lifted, they will have to sell the company,” he said.
He stressed that he cannot imagine a scenario with empty fuel stations in Serbia.
Vučić also said he is awaiting updates from Moscow on a gas agreement and that Serbia is prepared to diversify its energy sources.
“I am a rational and pragmatic person, though I sometimes show more emotion. But there is no longer rationality in international politics. I can predict many things, but many others I cannot assume. I cannot predict how Serbia’s energy situation will resolve, because no one wants to hear the other side anymore,” he said.
Separately, Vučić announced that two foreign company factories from Italy and Austria will open in NIS this week.