"Serbian President Aleksandar Vucic has warned that the country's only oil refinery will shut down in four days if the United States does not lift sanctions that were imposed over its majority Russian ownership in connection with the Ukraine war. Vucic said on Tuesday that he would give Russia's Gazprom and Gazprom Neft, which together own 56.2 percent of the Petroleum Industry of Serbia (NIS) oil company,"
"For Vucic, who has close ties to Moscow, the option of seizing a Russian asset may be unpalatable, but he said that his country had been left in an increasingly difficult position with no easy solutions as Washington and the Kremlin clashed. The US sanctions, which hit NIS in October, have cut off crude supply to the Pancevo refinery, the only oil refining facility in the country."
"When you impose sanctions against Russia and its companies, they end up hitting our country, he said, adding that the US sanctions may end up affecting supply lines and electricity production in the middle of winter. The Balkan country does have enough fuel reserves in the short term, but a total shutdown of its only refinery will halt production of petrol, diesel and jet fuel and may hurt the country's economy, Vucic said."
Serbian President Aleksandar Vucic warned that the Pancevo refinery will shut in four days unless the United States lifts sanctions targeting its majority Russian ownership. He gave Gazprom and Gazprom Neft 50 days to sell their combined 56.2 percent stake in NIS or face state takeover with an offer to buy them out. US sanctions cut crude supplies to Pancevo, forcing operations onto a reduced schedule and prompting NIS to place the refinery on hot standby to allow a restart once crude returns. Short-term fuel stocks cover domestic demand, but a full shutdown would halt petrol, diesel and jet-fuel production and strain the economy and electricity supply during winter.
Read at www.aljazeera.com
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