U.S. Deputy Secretary of State for Management and Resources Richard R. Verma used his visit to Belgrade on Saturday to provide important clarifications regarding recent sanctions on Serbia’s oil industry.
Verma explained that the sanctions, which targeted the Serbian Oil Industry (NIS), are specifically directed at Russian interests, not Serbia itself. This statement comes in the wake of the U.S. designating NIS and other key Russian oil companies, including Gazprom Neft and Surgutneftegas, for sanctions.
“These sanctions are aimed at Russia, not Serbia,” Verma asserted, adding that NIS is one of many companies affected by the sanctions aimed at removing Russian ownership from key sectors. He emphasized that Serbia would not face any direct repercussions as a result of the sanctions if Russian ownership is removed from NIS.
Verma further elaborated that the profits generated by NIS were not being reinvested in Serbia, but rather benefiting Russia. The withdrawal of Russian capital, he argued, would contribute to the peace and stability of the region.
The Serbian Oil Industry, in which Russian companies hold more than 56% of the shares, is Serbia’s only supplier of gas and owns key pipelines transporting gas from Russia. The sanctions have sparked concerns, but Verma made it clear that they were part of a larger effort to limit Russia’s economic footprint.
Serbian President Aleksandar Vu?i?, who had previously warned of the sanctions, responded that while the sanctions were not aimed directly at Serbia, the news offered little comfort. “About 30 countries are impacted by these sanctions, with Russian assets and capital being the primary focus,” Vu?i? stated. He further noted that the full details of the sanctions package were not yet clear, and more talks would be needed with the U.S. to assess the full implications for Serbia.
During his visit, Verma also confirmed that the U.S. expects the complete removal of Russian capital from NIS within 45 days. This development follows the U.S. government’s goal of limiting Russia’s influence in the region, particularly in strategic industries like energy.
In addition to his meetings with Serbian officials, Verma’s visit to Belgrade follows his earlier trip to Kosovo, where he discussed the potential for a strategic dialogue that would focus on key areas of collaboration, including defense, energy, and human rights.
