"These sanctions have been postponed no less than eight times since January but finally came into effect on October 9. NIS operates Serbia's only oil refinery, which is situated in PancevoImage: Darko Vojinovic/AP Photo/picture alliance Their impact was felt immediately: US measures disrupted the flow of crude oil via the JANAF pipeline, leaving Serbia's refinery with only enough supplies to process until the end of November, according to Serbian officials."
"It operates a refinery in Serbia and supplies more than four-fifths of the country's gasoline and diesel, as well as nearly all aviation and heavy fuel. Shutting down a refinery, warns energy expert Milos Zdravkovic, would have catastrophic consequences for the economy. "NIS employs around 14,000 people. They [NIS] contributed around 2 billion ($2.3 billion) to Serbia's budget [state coffers] in 2023 and 2.08 billion in 2024. This is crucial for our GDP and budget, and we can't do without it," Zdravkovic told DW."
Serbia faces a November 25 deadline to decide NIS's future after Gazprom Neft and Intelligence hold 45% and 11.3% stakes respectively. US sanctions intended to prevent Russia using energy revenues to fund its war in Ukraine came into effect on October 9 after multiple postponements and immediately disrupted crude flows via the JANAF pipeline, leaving the Pancevo refinery with supplies only through the end of November. NIS supplies more than four-fifths of national gasoline and diesel and nearly all aviation and heavy fuel. NIS employs about 14,000 and contributed around 2 billion ($2.3 billion) in 2023 and 2.08 billion in 2024. Secondary sanctions risk extends to banks and companies transacting with NIS, creating acute energy, financial and geopolitical dilemmas.
Read at www.dw.com
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