Overview

• OFAC confirmed on October 9 that sanctions on Petroleum Industry of Serbia are now in force after multiple postponements, and the special license was not renewed.
• NIS, which supplies more than 80% of Serbia’s diesel and petrol, said it has adequate near-term stocks and that gas stations remain supplied.
• The company warned of possible problems processing payments with foreign bank credit cards at its stations, while cash will be accepted.
• Industry experts say banks and counterparties are likely to halt transactions with the sanctioned company, threatening crude deliveries, fuel exports, and raising pump prices.
• President Aleksandar Vucic said Serbia will seek solutions with Russia and criticized the U.S., as Croatia’s economy minister signaled readiness to buy NIS if Belgrade considers a sale.