Serbia’s government has received a “serious and difficult message” from Washington requesting the complete withdrawal of Russian owners from the country’s dominant oil company NIS, Energy Minister Dubravka Đedović Handanović said late on Friday.
The minister told reporters that the U.S. Treasury’s Office of Foreign Assets Control (OFAC) had, for the first time, delivered an unambiguous demand that Russian shareholders fully divest from the company. Russia’s Gazprom Neft is the majority owner of NIS.
“At NIS’s request, OFAC made it completely clear that it wants a full change of Russian shareholders,” Đedović Handanović said. “Serbia is in an extremely complex geopolitical environment, and we are facing some of the toughest decisions in our recent history. I hope our Russian friends understand the seriousness of the moment.”
She said NIS’s operations were crucial for Serbia’s economy, energy security and industry. President Aleksandar Vučić and senior officials spent the night in consultations, she added, and talks would continue.
Sanctions pressure
U.S. sanctions against NIS took effect on Oct. 9 because of its Russian ownership. Until then, the company operated under a special OFAC licence that Washington declined to renew. Russian stakeholders requested another extension based on talks with a third party, but the response from the U.S. this week was negative.
Serbia’s government will meet on Saturday at 11 a.m., with all state-owned company directors invited. Vučić will attend and the only agenda item will be the NIS situation and Belgrade’s official response to OFAC.
Đedović Handanović said consumers had not felt the impact of sanctions so far because the government prepared in advance. “We hope the state will remain united,” she said. “We are working day and night. Serbia must be protected and citizens cannot be allowed to suffer.”
Analysts warn of rising instability
Regional political analyst Davor Gjenero said the U.S. move highlights Washington’s tougher stance toward Serbia under President Donald Trump. “Vučić’s entire construction has collapsed,” he said, arguing that Belgrade expected more flexibility from Washington. “Those familiar with Trump’s logic expected him to be stricter on energy issues than Biden.”
Gjenero said the message was also directed at NATO allies, including Slovakia and Hungary, signalling they must end purchases of Russian crude.
He added that Serbia is also facing complications in gas negotiations with Russia. Belgrade had hoped for a new three-year supply deal, but Moscow has been willing to extend terms only for short periods. “The U.S. delays sanctions month by month, while Russia prolongs the gas contract two months at a time,” he said.
Gjenero noted that regional projects — such as the planned crude pipeline between Hungary and Serbia — cannot offset international pressure. He said Hungarian Prime Minister Viktor Orbán has complained that Croatia’s Janaf pipeline cannot deliver sufficient volumes for both countries’ needs.
“The good-cop, bad-cop dynamic shows how complex the relationships are between Orbán, Croatia’s leadership and Trump,” he added.