Serbia announces 30-day postponement of US sanctions on its oil sector

The US has delayed the implementation of sanctions on Serbia's oil sector for 30 days, Serbian President Aleksandar Vucic announced on Thursday.

Vucic shared an official document from the US Department of the Treasury on Facebook, confirming that sanctions against Serbia's Petroleum Industry (NIS), majority-owned by Russia's Gazprom Neft, have been delayed until March 28.

The initial sanctions were scheduled to take effect on Feb. 27.

"We have 30 more days for NIS. This is good news for the people of Serbia," Vucic said.

The move is part of broader US efforts to curb Russia's energy revenues and weaken its ability to finance its war in Ukraine.

On Jan. 10, the US Treasury Department announced sanctions against Russian oil giants Gazprom Neft and Surgutneftegas, along with their subsidiaries, including NIS.

The measure aligns with commitments made by the G7 nations to reduce Moscow's earnings from energy exports.

Serbia, which is almost entirely dependent on Russian gas and oil, has come under criticism for declaring neutrality in Russia's ongoing war on Ukraine and refusing to impose sanctions on Moscow.