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Serbia's Russian-owned oil refinery to resume operations in mid-January, Vucic says

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Serbia's Russian-owned oil refinery to resume operations in mid-January, Vucic says
Serbian President Aleksandar Vucic speaks during a press conference in Belgrade, Serbia, on Nov. 25, 2025. (Filip Stevanovic/Anadolu via Getty Images)

Serbia's largest Russian-owned oil company, Naftna Industrija Srbije (NIS) will resume operations on Jan. 17 or 18 after receiving a temporary license from the U.S., Serbian President Aleksandar Vucic said on Jan. 4.

Serbia, which has maintained friendly relations with Moscow, is heavily reliant on Russian gas.

NIS, one of the few remaining Russian energy assets operating in Europe, was sanctioned by Washington last January as part of broader efforts to restrict Russian energy exports.

In late December, the U.S. Treasury Department's Office of Foreign Assets Control (OFAC) granted NIS a temporary license allowing it to operate until Jan. 23, permitting the company to resume production following a 36-day suspension.

Speaking to journalists, Vucic said he expects the first 85,000 tons of crude oil to arrive by Jan. 15, with production of oil derivatives set to begin on Jan. 25 or 26.

The U.S. gave NIS, which owns Serbia's only oil refinery, until March 24 to negotiate the sale of its Russian-owned shares.

Russian state company Gazpromneft owns a 44.9% stake in NIS, while Gazprom's investment division holds 11.3%. The Serbian government retains a 29.9% share.

According to Vucic, Belgrade has reached an agreement to buy Russian natural gas until the end of March.

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