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International Business Times
International Business Times
Business

Serbia Faces 'Extremely Serious' Impacts As Sanctions Hit Oil Firm

Oil United States Serbia NIS Aleksandar Vucic Gazprom Russia Balkan Belgrade
NIS is majority-owned by the oil division of Russian energy giant Gazprom (Credit: AFP)

Serbia's president warned that US sanctions on the Russian-controlled operator of the Balkan nation's only oil refinery that took effect on Thursday put it in an "extremely serious" position.

The sanctions targeting Petroleum Industry of Serbia (NIS) were delayed multiple times after being first announced in January as part of its crackdown on the Russia's energy sector following Moscow's 2022 invasion of Ukraine.

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