Russian President Vladimir Putin said on Friday that Moscow “has ideas” on how to resolve the issue surrounding Serbia’s Oil Industry (NIS), which has been hit by U.S. sanctions due to Russian ownership. Speaking at his annual year-end press conference, Putin confirmed that discussions with Serbian partners are ongoing.
“We have ideas on how and in which direction we can move forward together. This dialogue is taking place with our friends in Serbia, and we hope to find the right solution,” Putin said, according to Russia’s TASS news agency.
The United States imposed sanctions on NIS on October 9 after Russian companies were confirmed to hold a 56.2 percent stake in Serbia’s largest oil company. Washington has repeatedly insisted that Russian ownership must be removed as part of broader measures targeting Russia’s energy sector.
Putin emphasized that Russia and Serbia have intergovernmental agreements requiring mutual approval for any restrictions affecting NIS. He warned that ignoring such agreements would raise serious concerns about investment security.
“If even intergovernmental agreements do not work, the question arises: how can we invest further, and where are the guarantees?” Putin said.
Due to licensing issues, NIS’s oil refinery in Pančevo was shut down in early December. Serbian officials say talks with Moscow on restructuring ownership are ongoing, with a deadline set for January 15.
Serbian President Aleksandar Vučić stated on December 16 that negotiations are nearing completion between the Russian side and a “major company,” though he did not identify the firm. He added that the Serbian government is not directly involved.
Neither U.S. nor Russian authorities have released official updates on the talks. Information has largely come from Serbian officials, leaving the public amid continued uncertainty.
The sanctions aim to curb Russia’s ability to finance its war in Ukraine, but they have also placed Serbia in a difficult position by directly affecting its most important energy company.
Putin’s remarks suggest Moscow is seeking a workaround that preserves influence while formally complying with sanctions. The involvement of a major third-party company could indicate a strategic ownership reshuffle. For Serbia, the situation highlights its ongoing balancing act between Western pressure and long-standing ties with Russia.
Source: TASS, official Serbian statements