Serbia is drafting an amendment to its budget law that would allow the government to take ownership of its Russian-owned, U.S.-sanctioned oil refiner NIS (NIIS.BEL), Parliament Speaker Ana Brnabic told Euronews Serbia on Tuesday.
The U.S. Treasury’s OFAC placed sanctions on Russia’s oil sector in January, including NIS, which is majority-owned by Gazprom Neft (44.9%) and Gazprom (11.3%). While NIS had previously received repeated waivers, the sanctions fully took effect in October.
Brnabic said the ruling SNS party prepared the amendments, and parliamentary debate is expected to begin Wednesday afternoon or Thursday. “One of the amendments will foresee the circumstance that at some point we will take over NIS,” she said.
President Aleksandar Vucic warned that NIS could shut down within four days if the U.S. does not lift the sanctions, posing risks to Serbia’s fuel supply ahead of winter.