Serbia must halt operations at its NIS oil refinery after Washington denied its license, risking the nation's fuel supply, according to President Vučić.

The United States has denied Serbia an operating license for its Russian-owned oil refinery, forcing the facility to cease operations and threatening the nation's fuel supply. The U.S. rejected Serbia's request to waive sanctions while Russian owners seek buyers for their majority stake in the Petroleum Industry of Serbia (NIS), which is primarily owned by Gazprom.

Serbian President Aleksandar Vucic announced the decision, expressing surprise and warning of significant economic losses, with existing sanctions already costing over 350,000 euros daily. Serbia has decided to secure payment transactions for NIS despite the risk of secondary U.S. sanctions on its central bank and commercial lenders, and maintains enough fuel stocks until late January, though logistical and financial challenges remain.

U.S. denies operating license to Serbia's Russian-owned oil refinery

Serbia failed to secure a United States operating license for its Russian-owned oil refinery, forcing the facility to halt operations and threatening the country's fuel supply. The US rejected Serbia's request to waive sanctions on the facility while its Russian owners look for buyers in their majority stake in the petroleum industry of Serbia, known as NIS. The news was announced by President Aleksandar Vucic on Tuesday, who noted that he was surprised by Washington's decision. NIS is 45% owned by Russian energy giant Gazprom, while the Serbian government only own roughly 30%. The refinery covers most of Serbia's needs, and existing sanctions are already causing losses amounting to more than 350,000 euros daily. Serbia has however taken the bold decision to secure payment transactions for NIS, a move that risks secondary US sanctions on the country's central bank and commercial lenders. We agreed today on our own risk, on the risk of the Republic of Serbia, on the risk that our central bank would be under sanctions, on the risk that our business banks would be under sanctions, to secure payment transactions by the end of the week. Vucic says interrupting NIS's payment systems would cause a huge catastrophe for Serbia's investment rating and the company. The country maintains sufficient fuel stocks to last until late January, but the president said logistical challenges lie ahead, with transport costs expected to soar. He also called the US's decision to reject Belgrade's request as politically motivated, saying Washington wants to send the message that it's not only the NIS under sanctions, but all of Serbia.

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