US sanctions target Serbia's Russian-owned oil firm NIS
Reuters
On Thursday, the United States imposed sanctions on Serbia's Russian-owned oil company NIS (NIIS.BEL), which led neighboring Croatia to halt crude oil deliveries, sparking fears that Serbia's only refinery could be forced to shut down in the coming weeks.
Without deliveries, the NIS refinery, which supplies most of Serbia's oil products, including gasoline and jet fuel, will struggle to operate beyond November 1, Serbia's President Aleksandar Vucic said in a televised speech, News.Az reports citing Reuters.
He added that storages are full and existing stocks of oil products should keep the Balkan country supplied until year-end.
"These are extremely severe consequences for our entire country. It's not just about the functioning of one company," said Vucic, who is already weakened by a year-long protest movement triggered by the deadly collapse of a train station roof that demonstrators blame on corruption and negligence.
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