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Serbia's NIS Refinery Halts Production Amid U.S. Sanctions

12/3/2025

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Summary

Story summary

Pancevo refinery of NIS, Serbia's Russian-owned oil company, suspended production due to a lack of crude amid U.S. sanctions on Russia.
President Aleksandar Vucic said Serbia did not secure a U.S. operating license for the refinery.
A solution is expected by January 15; nationalization remains possible if no buyer for Russian stakes emerges.
The refinery has a capacity of 4.8 million tonnes per year and produces various petroleum products.

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Story summary

Pancevo refinery of NIS, Serbia's Russian-owned oil company, suspended production due to a lack of crude amid U.S. sanctions on Russia.
President Aleksandar Vucic said Serbia did not secure a U.S. operating license for the refinery.
A solution is expected by January 15; nationalization remains possible if no buyer for Russian stakes emerges.
The refinery has a capacity of 4.8 million tonnes per year and produces various petroleum products.