In Serbia, there is outrage over the US sanctions against the only oil refinery in the country.

Washington blocks operation of Serbian oil refinery due to Russian owners

The NIS oil refinery in Pancevo, Serbia, ceased operations following the US decision not to extend the crude oil supply license. This posed a threat to the stability of Serbia’s fuel market.

Serbian President Aleksandar Vucic stated that the US authorities blocked the continued supply of crude oil to the NIS refinery while the Russian owners seek a buyer for the controlling stake. The president expressed disappointment with this decision, emphasizing that the situation has political implications, and Moscow has no intention of selling the enterprise. Moreover, Vucic noted that the US Office of Foreign Assets Control is not showing readiness to reconsider its stringent position.

According to the president’s estimates, the refinery is losing about 370,000 euros daily due to the existing restrictions. Vucic also warned about the possibility of secondary US sanctions against the National Bank of Serbia and commercial banks if financial transactions with the refinery are carried out. This situation adds additional pressure on the country’s financial sector.

Analysts point out that the US decision could impact the fuel market in the region. Given the strategic significance of the refinery for Serbia, such restrictions could have long-term implications for the country’s energy security.