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Russian shareholders set to sell off controlling stake in NIS — Serbian Energy Minister

Serbian Minister of Mining and Energy Dubravka Djedovic-Handanovic noted that the name of the third party is not being disclosed until "crucial details" are worked out

BELGRADE, November 19. /TASS/. The Russian shareholders of NIS (Naftna industrija Srbije) have agreed in principle to sell their controlling stake to an as yet unnamed buyer, Serbian Minister of Mining and Energy Dubravka Djedovic-Handanovic announced.

"The Russian owners have agreed to sell their 56.15% stake in NIS," the newspaper Vecernje Novosti quotes the Serbian Energy Minister as saying.

Djedovic-Handanovic noted that the name of the third party is not being disclosed until "crucial details" are worked out.

In early January 2025, the US Department of the Treasury introduced sanctions against Russian oil producer Gazprom Neft, its CEO Alexander Dyukov, and against Serbian NIS. The US has repeatedly postponed sanctions against the company since then. Restrictions came into force on October 9.

Serbian President Aleksandar Vucic stressed at the time that he did not hold Russia responsible and hoped for a joint resolution. He later stated that, following the American measures, NIS effectively found itself under restrictions from the European Union as well.

NIS is one of the largest vertically integrated energy systems in Southeastern Europe. Its majority shareholders are Gazprom Neft (44.85% of shares), Gazprom (11.3%), and Serbia (29.87%).

The Serbian Energy Ministry reported on November 11 that NIS's Russian owners had notified the US Treasury Department's Office of Foreign Assets Control (OFAC) of their readiness to transfer control of the company to a third party. Earlier on Wednesday, NIS requested a new license from Washington that would allow it to continue operating during negotiations on the change of ownership.