Serbian President Aleksandar Vučić has urged the United States to grant Serbia more time to address issues surrounding the country’s only oil refinery, which is majority-owned by the Russian energy giant Gazprom. According to a report published by Bloomberg on Wednesday, the plea comes amid tightening U.S. restrictions that threaten to severely impact Serbia’s energy infrastructure and fuel supply.
Earlier this month, the White House activated sanctions targeting NIS (Naftna Industrija Srbije), Serbia’s main oil company. The move has already had significant ripple effects across the Balkans. In response, neighboring Croatia halted crude oil deliveries to Serbia, raising fears that the Pančevo refinery — the backbone of the country’s energy sector — could soon face a complete shutdown.
The sanctions have not only affected oil supplies but have also disrupted financial transactions. Fuel stations operated by NIS can no longer accept payments via American Express, Mastercard, or Visa, causing inconvenience for consumers and putting additional strain on Serbia’s fuel market.
Vučić Calls for U.S. Understanding and Patience
President Vučić told Bloomberg that he hopes Washington will refrain from imposing secondary sanctions, at least until mid-December. He emphasized that Serbia is actively seeking a solution regarding Gazprom’s majority ownership in NIS and has been in talks with American officials.
“I hope the United States will not start secondary sanctions, at least not before mid-December,” Vučić stated, underlining that Serbia remains committed to finding a peaceful and practical resolution to the issue.
According to the Serbian leader, Belgrade has requested that the U.S. avoid targeting Serbian financial institutions that facilitate payments for NIS operations, warning that such measures would have a devastating impact on the national economy.
The Strategic Importance of NIS in the Balkans
Naftna Industrija Srbije (NIS) is one of the most important energy companies in Southeast Europe. It operates the Pančevo refinery, located near Belgrade, and manages a network of more than 400 gas stations across Serbia and neighboring countries.
Ownership of the company is divided among key stakeholders:
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Gazprom Neft, the oil arm of Russia’s Gazprom, holds 44.85% of shares.
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Gazprom PJSC owns an additional 11.3%.
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The Serbian government retains 29.87%, with the remainder held by smaller investors.
The involvement of Russian energy giants has been a point of contention since 2008, when Gazprom acquired its controlling stake during a period of strong Belgrade-Moscow relations. However, in the wake of Russia’s invasion of Ukraine and increasing Western sanctions, Serbia’s ties to Gazprom have placed it in a politically sensitive position.
Washington’s Expectations
U.S. officials cited by Bloomberg have reportedly urged Belgrade to either secure the sale of Gazprom’s shares in NIS to a non-Russian entity or nationalize the company to bring it under full Serbian control. This demand is part of a broader Western strategy aimed at reducing Moscow’s energy influence in the Balkans.
Earlier this week, Vučić reportedly rejected any unilateral measures against Gazprom, describing such actions as both politically and economically dangerous.
“I am not a communist, nor a fascist,” Vučić declared, defending his stance on maintaining Serbia’s economic sovereignty while balancing relations with both the East and the West.
The Serbian president’s remarks highlight the delicate geopolitical balancing act Serbia faces: maintaining energy independence and economic stability, while avoiding confrontation with major powers on either side.
Energy Security at Stake
The NIS refinery in Pančevo plays a critical role in Serbia’s energy supply, processing the vast majority of the country’s oil products. If the refinery were forced to shut down due to sanctions or supply chain disruptions, Serbia could face fuel shortages, higher prices, and potential social unrest.
Energy analysts warn that the situation could also destabilize regional markets, as NIS operates across Bosnia and Herzegovina, Bulgaria, and Romania. A disruption in production could trigger wider fuel price fluctuations across the Balkans, worsening inflation in countries already hit hard by rising energy costs.
A Test of Serbia’s Neutrality
Serbia’s official stance remains one of military neutrality and political non-alignment, but the pressure to align with Western sanctions against Russia is growing. The United States and the European Union have consistently urged Belgrade to take a stronger position against Moscow, particularly regarding energy cooperation.
Vučić’s request for more time is seen by many observers as an attempt to delay a decision that could have long-term implications for Serbia’s geopolitical orientation. Whether Belgrade will manage to negotiate a compromise that satisfies both Washington and Moscow remains uncertain.
The ongoing standoff over Gazprom’s control of Serbia’s oil sector highlights the complex intersection of energy security, geopolitics, and national sovereignty. As Serbia tries to navigate between Western expectations and its traditional ties with Russia, the outcome will likely shape not only its own economic future but also the stability of the entire Balkan energy landscape.
For now, President Vučić’s appeal to the United States underscores a clear message: Serbia needs time — and diplomatic space — to find a balanced and sustainable solution.