Vucic: Serbia to take action over sanctions imposed on oil industry

“We have been fair not only toward the Russian side but also toward the European side and in line with international law. I want to inform the citizens that we will be taking action,” Vučić said in an interview with Informer TV.

He added that on Monday, Serbia will present the Russian side with “new ideas” related to the sanctions targeting NIS.

President Vucic said Serbia has received “disappointing news from Russia” regarding the gas supply agreement. According to him, Moscow has offered to extend the gas deal only until the end of this year, not longer.

“That is very disappointing for us,” Vucic said, explaining that Serbia had expected to sign a three-year contract by May. “We have been more than fair and reliable partners in every sense, giving up arbitration and other options to preserve friendship and partnership with Russia,” he added.

The President revealed that during his September meeting with President Vladimir Putin, he requested a long-term deal, but Moscow has now limited the offer to December 31. “The logic is simple: if you move toward nationalising NIS or take any other step, we can cut off gas on December 31. That is a very bad signal in every sense,” Vucic said.

He emphasised that no one had asked Serbia’s opinion on the situation and that upcoming talks with Russian officials and Gazprom Neft, scheduled for Monday, would clarify Moscow’s position. The issue, he said, ultimately depends on “an agreement between the Russians and the Americans” over sanctions on the Oil Industry of Serbia (NIS).

Vucic added that he wants to hear Russia’s plan in case the war in Ukraine drags on. “We can hold out for three or four months, but with great losses, spending what we have earned. What happens after that? There are no easy solutions for us,” he said.

He also revealed that Serbia has mostly halted arms exports to avoid harming relations with other countries, which has caused payment delays in two defence factories.

“No one asked for Serbia’s opinion,” Vucic repeated, stressing that the country will not participate in war but is already paying “a high economic and political price.”

Vucic reassured citizens there will be no fuel shortages, saying the government will “fight for their jobs” and rejecting proposals to nationalise NIS. “We’ve ensured a stable supply, but it will cost us. Only one-third of reserves belong to NIS; the rest are state or commercial stocks,” he concluded.