No economic consequences for Serbia if Russian ownership in NIS is removed

Following a meeting with Serbian President Aleksandar Vucic, Verma stated that discussions focused on sanctions against entities with Russian ownership, including NIS.

“NIS is one of 2,000 companies targeted, and the goal is to eliminate Russian ownership. We discussed with President Vucic how this transition can be achieved,” Verma said.

He emphasized that Serbia would face no economic impact from the removal of Russian ownership, as Russia has not been investing in Serbia’s future, instead using NIS profits without reinvesting. “By changing the ownership structure, we’ll help ensure greater regional stability and partner with Serbia to achieve energy independence,” Verma added.

President Vucic noted that more time is needed to clarify the latest US sanctions on Russia, which also affect NIS. He indicated that discussions with Moscow would be delayed, stressing that Serbia would not seize anyone’s property.

“We need to fully understand the conditions before entering discussions with the Russian side. I asked for extended, more flexible deadlines,” Vucic said after meeting with Verma.

“We’ve asked five questions and are waiting for written responses. We need seven to ten days to discuss the sanctions package with the US to understand its contents and then determine our course of action with Russia,” the Serbian President explained.

“There will be oil, fuel, and all derivatives, but we will not seize anyone’s property. If we need to pay a price for that, we will,” Vucic concluded.