Russian company Gazprom has formally withdrawn as a shareholder in Serbian oil company NIS, transferring its 11.3 percent stake to another Russian firm, Intelligence, just days before U.S. sanctions against NIS are scheduled to take effect on September 26.
After the transaction, GazpromNeft remains the largest shareholder with 44.85 percent, the Serbian government holds 29.87 percent, Intelligence controls 11.3 percent, and the remainder belongs to minority investors. Analysts note that the change does not significantly alter ownership, as Intelligence is wholly owned by Gazprom.
Financial analyst Vladan Pavlović described the transfer as a technical move rather than a true change in control. He pointed out that while Gazprom no longer directly holds the shares, it effectively retains influence through its subsidiary. The timing of the deal has raised questions, given it occurred only a week before the U.S. sanctions deadline. Still, Pavlović believes the move is unlikely to be directly tied to Washington’s Office of Foreign Assets Control (OFAC) decisions. He suggested that Serbia is already engaged in talks and that another postponement of sanctions remains the most probable scenario, as seen in previous cases.
If sanctions are ultimately enforced, Pavlović does not foresee an immediate fuel shortage in Serbia. He noted that existing reserves would be sufficient to cover demand for two to three months.
