The United States is set to impose sanctions on Serbia's state-owned oil company, NIS, due to its significant Russian ownership, Serbia’s President Aleksandar Vucic announced on December 13.

Speaking on pro-government Informer TV, Vucic said that US sanctions targeting NIS will take effect in the coming days. He added that the United Kingdom is likely to follow suit. 

"I have to say, one of the most difficult pieces of news in the last few years has been confirmed to us," Vucic said. "We have not yet received an official document, but it has been confirmed by our services and sister agencies. In a few days, the United States will introduce full sanctions against NIS due to Russian ownership," he said.

NIS is majority-owned by Russia's Gazprom Neft, which holds a 50% stake, while Gazprom owns an additional 6.15%. The Serbian government holds nearly 30%, with smaller shareholders owning the remainder.

Vucic expressed serious concern over the impact of such sanctions, particularly regarding the potential disruption of oil supplies. He noted that shipments via a pipeline from Croatia could be halted. "We are still waiting to get an official paper with details," he said, underlining the uncertainty surrounding the timing and scope of the sanctions.

Serbia, which has maintained close ties with Russia, has faced growing pressure from the West to align with international sanctions against Moscow following its invasion of Ukraine. However, Belgrade has resisted imposing sanctions, citing its long-standing political and economic relationship with Russia.

"We are waiting to receive the document, and we are talking first with the Americans, then with the Russians. We cannot leave Serbia without oil, but we will make sure not to spoil relations with the Russians and with those who are introducing these sanctions," Vucic said.

Vucic suggested that reducing Russia's stake in NIS could be an option, adding that the government might negotiate with Russian partners to lower their ownership below 50%. "Can Russian ownership be reduced to just under 50%? We will discuss that with the Russians," he said.

Serbia's reliance on Russian energy supplies, including natural gas, places the country in a very difficult position. While Serbia has previously ruled out imposing sanctions on Russia, Vucic is now sounding more ambiguous.

"I do not exclude the possibility that the decision to impose sanctions on Russia could change Serbia's position, but at this moment I am not ready to discuss imposing sanctions on Russia," he said. The shift in tone reflects the increasing pressure Serbia is facing as it seeks to balance its relations between Russia and the West.