File: Serbian President Aleksandar Vucic listens during a joint press conference with the Hungarian Prime Minister at the Prime Minister's Office at Buda Castle in Budapest, Hungary, on February 17, 2025. (Photo by Attila Kisbenedek / AFP)
Belgrade: US sanctions on Serbia's largest oil producer, originally scheduled to begin on October 1, have been delayed by at least a week, President Aleksandar Vucic said on Sunday.
The majority Russian-owned Serbian Oil Industry (NIS) has secured repeated extensions of the measures since they were first announced as part of Washington's crackdown on Russia's energy sector over the invasion of Ukraine.
On Sunday, Vucic stated that he had secured an extension of seven or eight days during talks with US authorities, but provided no specific date for the measures that were due to take effect on Wednesday.
"We talked to them, and we just delayed for eight days," Vucic told the media at a pro-government rally in Obrenovac.
"In seven to eight days, we will have the same question, and I will still not have an answer."
He said his government and NIS would make "some new offers" as part of their negotiations with "the Americans and others".
Serbia's state broadcaster, RTS, earlier reported that the sanctions were delayed until October 8 or 9.
Majority-owned by Russia's Gazprom, NIS operates Serbia's only refinery.
The measures would force Russian shareholders to divest their stakes in the company or face nationalisation.
Last week, Vucic said the sanctions would have a serious impact on Serbia, but promised citizens that they "do not have to worry about supplies".
Yet experts warn that such sanctions would hit Serbia's economy hard, causing oil shortages and broader price hikes.
The sanctions, introduced under US President Joe Biden, aim to cut Russia's profits from its oil and gas trade following its invasion of Ukraine.
Despite Western pressure, Serbia has maintained close ties with Moscow and refused to impose sanctions, even as it pursues EU membership.
The country remains heavily dependent on Russian gas supplied through NIS.
A supply contract between Belgrade and Moscow, signed in spring 2022, was extended until the end of September, with talks ongoing for a new deal.
According to company data, Gazprom's oil division holds approximately 45 per cent of NIS. On September 19, its parent company, Gazprom, transferred its 11 per cent stake to a related Saint Petersburg-based firm, Intelligence. The Republic of Serbia owns nearly 30 percent.
