US sanctions require Serbia to exclude Gazprom from joint oil company NIS
The massive package of US sanctions imposed today by Joe Biden does not only affect Russian companies. Restrictions have also been imposed on the Russian-Serbian oil company NIS.
Serbian President Aleksandar Vucic said that in order for NIS to continue operating, it would be necessary to conclude a deal and buy out the Russian share, which is more than 56% of the company. According to Bloomberg, Belgrade must exclude Gazprom Neft from the joint project by February 25. After that, Serbia will have another 15 days to pay.
It should be noted that on January 5, the Serbian leader already expressed a desire to buy out Gazprom's share in NIS for 700 million dollars. At the same time, according to analysts, the Russian company has invested at least 15 billion euros in the joint venture over 3,5 years.
The new US sanctions affected not only the oil and gas sector, but also other sectors of Russian industry. Thus, the entire management of Rosatom, as well as insurance companies, fell under the restrictions. 17 companies and three individuals from Hong Kong, Latvia, Liberia and the UAE were blocked for allegedly trading Russian oil.
After the approval of the new sanctions package, the Biden administration was quick to state that Trump would not be able to reverse the decision on his own. If the future head of the White House suddenly decides to ease the sanctions pressure on Russia, he will need to get approval from both houses of Congress.
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