Verma in Belgrade: Sanctions Against NIS targets Russia, not Serbia

The US sanctions (SHBA) against Serbia's Oil Industry (NIS) target Russia, not Serbia, said Richard Verma, US Deputy Secretary of State for Management and Resources Richard R. Verma, on Saturday in Belgrade.

“There will be no economic consequences for Serbia if NIS's Russian ownership is removed. Russia is not investing in Serbia's future because the profits it earns from NIS are not invested in Serbia. The change of ownership structure will contribute to more peace in the region”, Verma said at a joint conference with Serbia's president, Aleksandar Vuciq.

He stressed that NIS is one of 2,000 Russian-owned companies to which the US has imposed sanctions.

The goal is to remove Russian ownership from these companies. We will help Serbia diversify its energy sources and be independent in this direction”, Verma added.

Vuciq stated that the fact that sanctions against NIS are not aimed at Serbia is “poor comfort”.

“According to first estimates, about 30 countries have been affected by these sanctions in various ways either the subjects from those countries, but everywhere it is about Russian assets, capital and interests”, Vuciq said at the conference.

He said Serbia needs a little more time to clarify the uncertainty about the recent US sanctions against Russia, which also affects NIS, and therefore talks with Moscow will be postponed.

We need to know exactly what the conditions are, and then we can talk to the Russian side about everything. There will be oil, gasoline, all the derivatives, but we will not seize someone's property; we will pay the price”, Vuciq said.

Serbia's Oil Industry was sanctioned by the United States Department of Finance on 10 January, as it is owned by the Russian company Gazprom Nefta.

On Friday, Vuciq said it is about “serious and serious sanctions” and that it is required of Russia's full subx2> from NIS's ownership”.

NIS was included in the list of six companies that are owned or controlled, act or allegedly act on either name, directly or indirectly, Gazprom Nefta”.

NIS is the only company in Serbia, which deals with oil research, production and refining, and natural gas production.

Russian state-owned company Gazprom Neft has a majority stake in NIS since 2008, while by 2022, the stake also has its mother company, Gazprom.

In all, they have 56.15 percent of the shares, while 29.87 percent are owned by Serbia.

The remainder belongs to citizens, employees, former employees and other smaller shareholders.

Gazprom Neft is under European and US sanctions, due to the Russian invasion of Ukraine, but the world's largest gas producer, Gazprom, is not subject to the embargo of Western countries. / REL/