The US sanctioned the Petroleum Industry of Serbia in January as part of its crackdown on Russian energy following Moscow’s invasion of Ukraine.
The company stated it is working to overcome this situation and will cooperate with the US Treasury to seek removal from the sanctions list.
President Aleksandar Vucic warned on Monday the sanctions would have a serious impact and hit the banking sector first.
NIS confirmed it expects foreign payment cards to cease functioning at its petrol stations.
Vucic revealed talks are underway regarding the company’s future including possible divestment of Russian shareholders.
He warned the sanctions could affect sectors from finance to agriculture and impact Air Serbia’s jet fuel supply.
He considered a complete exit of the Russian holding from the company as unlikely.
He highlighted the company’s significant political importance to Moscow.
The country remains heavily dependent on Russian gas supplies.
Negotiations are underway for a new gas supply agreement between Serbia and Russia.
The remaining shares are held by minority shareholders. – AFP
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