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The Government of the Republic of Serbia

In the service of citizens

Solution for NIS must be found by next week

Belgrade, 16 November 2025

President of the Republic of Serbia Aleksandar Vučić stated today that it is necessary to make a decision and establish a solution regarding oil company Naftna Industrija Srbije (NIS) by next week, and told citizens that there is no reason to worry and that they will not feel any changes in the next 30 days, but stressed that the country is currently suffering serious consequences.

At an extraordinary session of the Serbian government dedicated to NIS, which he attended at the invitation of Prime Minister Professor Đuro Macut, MD, DSc, Vučić expressed hope that the Asian and European partners, with whom the Russian side is talking, will agree to negotiate the ownership structure, which would allow the Office of Foreign Assets Control (OFAC) to be notified in a joint letter.

If the Russians fail to reach an agreement with their partners on the price, Serbia will offer a better price for the Russian part of NIS, he underlined, stressing that he does not want anyone’s property to be confiscated or seized.

We will also accept the letter that Russia, together with its Asian and European partners, will send to OFAC. As the country in which this process is taking place and as the owner of a 29.87% stake, Serbia will sign that letter and then wait for the decision of the American side, whether it will accept it, whether it will allow us to receive oil and under what conditions this flow would be enabled, said the president.

He stressed that without the flow of oil, Serbia would be in complete collapse and that nothing would function anymore if the Refinery could not operate.

Vučić recalled that the sanctions against NIS have been effectively implemented for 37 days and that neither the business sector nor the citizens have felt it, that we have significant reserves and that there is no reason to panic, but he also warned that these reserves cannot represent a permanent solution.

He stated that despite having enough reserves, we must not empty them all because then an imbalance will arise, and at the same time he asked the Serbian government to come before the parliament with a budget rebalance if necessary to purchase additional gasoline and diesel.

Macut underlined that the government will meet on a daily basis because Serbia is in a first-degree crisis situation.

He expressed his gratitude to the President of the Republic for his assessment of the situation in which Serbia finds itself, as well as to the relevant ministers.

First Deputy Prime Minister and Minister of Finance Siniša Mali warned that the situation with NIS must be resolved as soon as possible, because it threatens all projects being implemented in the country, as well as the country’s growth, stability and credit rating.

According to him, in the last few months Serbia has done everything our friends from Russia said to do, and we have supported them in everything, but it has not yielded results.

Accordingly, as he pointed out, the final moment has come for us to think about Serbia and to do what is in the interest of our state and all of us.

Minister of Mining and Energy Dubravka Đedović Handanović said that national energy reserves have been preserved, thanks to the fact that they were systematically increased in the previous period, so that the country would be prepared for unforeseen situations.

However, we must preserve the reserves. Running the energy sector under the conditions of sanctions against NIS is almost impossible, and as a minister I am ready to resign, she stressed.

Without the Pančevo Refinery, as she stressed, there is no normal functioning for us. There is no more time and we cannot wait for more than another three to four days, because there is currently no oil inflow and the refinery will then have to stop operating.

Author: Slobodan Miljević
Author: Slobodan Miljević
Author: Slobodan Miljević
Author: Slobodan Miljević
Author: Slobodan Miljević
Author: Slobodan Miljević
Author: Slobodan Miljević