Gazprom Neft given 45 days to exit ownership of Serbian company - Vučić

Following the U.S. sanctions imposed on Gazprom Neft on January 10, the Russian company will have 45 days to exit its ownership in the Serbian oil company NIS.

This was stated by Serbian President Aleksandar Vučić, CE Report quotes Ukrinform.

He emphasized that U.S. sanctions require a complete withdrawal of the Russian company from NIS, not just a reduction in ownership stakes. Vučić noted that the deadline for finalizing such an agreement is 45 days.

The Serbian President added that any agreement must be approved by the U.S. Treasury Department's Office of Foreign Assets Control (OFAC).

Currently, Gazprom Neft owns 50% of NIS shares, Gazprom holds 6.15%, the Serbian government owns 29.87%, and the remaining shares are held by small shareholders.

Croatian pipeline operator Janaf, through which NIS receives most of its crude oil, stated that the full implementation of sanctions will take effect in 45 days.

"Until then it is possible to adjust and take measures that would enable disinvestment and support the safe supply of oil to the Republic of Serbia," it said in a statement.

NIS, one of the largest contributors to Serbia's state budget, signed a contract with Janaf to transport 10 million tons of oil through Croatia from January 1, 2024, to December 31, 2026.