Despite the suspension of trading of Serbian oil company NIS shares on the Belgrade Stock Exchange following the announcement of US sanctions, a shift in the company’s shareholding structure has emerged. Russian energy giant Gazprom, which is not subject to sanctions, has acquired an additional 5% of NIS shares from its subsidiary Gazprom Neft without compensation. This move increases Gazprom’s total stake in NIS to 11.3%.
The US sanctions against NIS are set to take effect on 27 February. While the change in ownership structure does not make Gazprom the majority owner of NIS, it highlights the company’s strategic maneuvering in response to geopolitical pressures. The development raises questions about the future of NIS and whether the sanctions can be mitigated, though the situation remains uncertain.
This strategy echoes Gazprom’s actions two years ago when it faced challenges in supplying NIS with oil after the EU imposed sanctions on Russian oil exports. At that time, Gazprom acquired 6.15% of NIS shares, ensuring the continuation of oil supplies through the Croatian JANAF pipeline. The latest move suggests a similar effort to secure NIS’s operations amid escalating international restrictions.
The shift in ownership underscores Gazprom’s ongoing influence in NIS and its ability to adapt to sanctions. However, it remains unclear how the impending US sanctions will impact NIS’s operations and whether further changes in the company’s structure or strategy will follow. The situation continues to evolve, with stakeholders closely monitoring developments in the coming weeks.
