Serbian media report that the issue surrounding oil company NIS, caused by U.S. sanctions, is expected to be resolved by the end of the year. The most likely solution under consideration is for the Serbian state to acquire part of the 11.3% stake currently owned by the company Intelligence, a subsidiary of Gazprom.
Currently, Russian entities Intelligence and Gazprom Neft jointly hold 56.15% of NIS, with ownership shares of 11.3% and 44.85% respectively. If Serbia proceeds with purchasing the Intelligence stake, the state and small shareholders together would gain majority control of the company. Initially, the Russian side opposed this plan but now appears to have softened its position. According to reports, Moscow has agreed in principle, provided that Gazprom Intelligence retains one symbolic share and receives a contractual clause guaranteeing the right of first refusal once sanctions are lifted and the geopolitical climate stabilizes.
The proposed timing aligns with the current oil and derivative reserves maintained by Serbia and NIS, suggesting that operations at the Pancevo refinery and the domestic fuel supply will remain unaffected.
Alternative solutions have also been discussed, though they appear less likely. One option involves Serbia taking over NIS through a licensing arrangement, while the least probable scenario would be a rapid peace agreement in Ukraine that leads to an easing of sanctions on Russian companies.
