Serbian President Aleksandar Vučić announced that the United States has extended the sanctions deadline for the country’s oil company NIS by only four days, making them effective from October 1, 2025.
The United States placed Serbia’s largest oil firm under sanctions on January 10, citing secondary risks tied to its majority Russian ownership in the context of the war in Ukraine. Since then, enforcement has been postponed six times, with the latest extension running until September 26.
Serbian officials have held talks with both Russian and US representatives in an effort to soften the impact. Vučić said that Serbia had acted fairly toward both sides but warned the country would face serious consequences. He described Serbia as collateral damage in tense US-Russia relations and cautioned of difficult months ahead.
NIS has seen several ownership changes in recent weeks. Russian Gazprom formally exited as a shareholder, transferring an 11.3 percent stake to Intelidžens, a St. Petersburg-based company it controls. As of late September, GazpromNeft remains the largest shareholder with a 44.9 percent stake, while the Serbian state holds 29.9 percent and small investors own the remainder.
Earlier this year, Vučić dismissed the idea of nationalizing NIS, stressing that Serbia would not engage in the seizure of Russian assets. Meanwhile, the company reported a loss of about 30 million euros in the first half of 2025, attributing the result to looming sanctions and a global decline in oil prices.
NIS is Serbia’s only company involved in oil exploration, production, refining, and natural gas output. It was majority state-owned until 2008, when Serbia sold 51 percent of the firm to GazpromNeft for 400 million euros.
