US sanctions on NIS could have far-reaching consequences: Serbian President

Belgrade, Jan 11 (SocialNews.XYZ) Serbian President Aleksandar Vucic said that the US has imposed stringent sanctions on NIS, a mainly Russian-owned energy company operating in Serbia, marking the most severe sanctions ever placed on a company in the country.

Vucic warned that these measures, imposed by the US Department of the Treasury on the same day, could have far-reaching consequences for Serbia and its relations with international partners, Xinhua news agency reported

"The US is demanding the complete removal of Russian interests from NIS Novi Sad, AD," Vucic said, adding that Serbia has only 45 calendar days, until February 25, to finalise agreements with the Russian side and conclude all operational processes.

The president noted that many details surrounding the sanctions remain unclear. "We have been offered the possibility of consultations, which we will take advantage of starting tomorrow," he said.

Vucic plans to meet with a visiting US delegation. They will be joined by Serbian Prime Minister Milos Vucevic and key ministers.

Serbia is not an adversarial country to Russia, he said, adding, "We do not wish to engage in hostile takeovers of foreign assets." He also announced plans to discuss the issue directly with Russian President Vladimir Putin.

Vucic also highlighted the importance of upcoming negotiations regarding the renewal of Serbia's gas agreements with Russia. These discussions, he said, will be critical for Serbia's energy security.

In 2009, Russia's Gazprom Neft became a key shareholder in NIS, Serbia's major energy company, through a state-to-state agreement for the purchase of a 51 per cent stake.

Source: IANS