The United States’ decision, announced back in January 2025 under then-President Biden, to impose a broader sanctions package targeting Russia’s oil sector has hit Serbia particularly hard. Although Washington’s major target was the Petroleum Industry of Serbia (NIS) — 44.85 percent owned by Russia’s Gazprom Neft, with Serbia’s government holding a 29.87 percent stake and St. Petersburg-based Intelligence, a company ultimately controlled by Gazprom, owning 11.3 percent — it is the Balkan nation that is expected to pay the highest price, as the sanctions complicate crude imports and disrupt refining operations.
https://www.neglobal.eu/serbias-energy-dilemma-how-to-break-from-russia-and-save-its-stability/