As US sanctions targeting Serbian Russian-owned oil company NIS approach their 8 October enforcement date, Russian negotiators have put forward several proposals aimed at avoiding restrictions, according to Serbian media reports.
One proposal reportedly involves transferring the 11.3 percent stake in NIS, recently moved by Gazprom to its subsidiary Intelligence, to an American company. This restructuring could potentially allow NIS to sidestep US penalties.
In addition, Russian representatives suggested that NIS diversify its crude sourcing by purchasing significant volumes of American oil. The plan would involve blending US crude with supplies from other countries and transporting it to Serbia via the Croatian JANAF pipeline. However, due to the technical setup of its Pancevo refinery, which has an annual processing capacity of 4.8 million tons, NIS cannot rely solely on US oil.
According to Serbia’s Energy Ministry, during the first half of 2025, most of NIS’ crude imports came from Kazakhstan, followed by Nigeria and Guyana. For the full year, the company expects to produce 0.82 million tons of domestic crude and import approximately 3.2 million tons, all transported through JANAF.
The US Treasury first imposed sanctions on NIS in January as part of broader measures targeting the Russian energy sector amid the war in Ukraine. Several temporary waivers have been granted since, most recently on 30 September, allowing the company to continue operations.
Earlier in 2025, GazpromNeft owned 50 percent of NIS, while its parent company Gazprom held 6.15 percent. Subsequent transfers altered the ownership structure: GazpromNeft reduced its direct stake to 44.85 percent, Gazprom’s stake temporarily rose to 11.3 percent before being reassigned to Intelligence. The Serbian government retains a 29.87 percent share, with the remainder held by minority investors.
These proposals reflect Russia’s efforts to maintain NIS’ access to international markets through structural ownership adjustments and new supply strategies, as the company faces mounting pressure from US sanctions.
