US sanctions hit Serbian oil firm NIS' operations despite waivers

FILE PHOTO: NIS sign outside the headquarters building of Serbian oil company NIS, which is majority owned by the Russian oil producer Gazprom Neft, in Belgrade, Serbia, January 15, 2025. REUTERS/Djordje Kojadinovic/File Photo

LONDON/BELGRADE (Reuters) - Serbian oil firm NIS is struggling to buy oil from traders abroad, while at home its former clients are seeking alternative fuel suppliers as pending U.S. sanctions have impacted operations, sources familiar with the matter told Reuters.

NIS is majority-owned by Russia's Gazprom Neft and Gazprom and as such is one of Russia's last remaining oil assets in Europe. It is crucial to Serbia's energy security as it operates the Balkan country's only oil refinery.