Serbian President Aleksandar Vučić announced Saturday that U.S. Under Secretary of State José W. Fernandez had informed him of imminent U.S. sanctions targeting the Serbian oil company NIS, which is majority-owned by Russian interests.
The sanctions, according to Vučić, are expected to be unveiled by January 15 this year. Speaking during a televised government session, Vučić broke from his usual reservations about revealing private diplomatic talks, voicing alarm over the move by the Biden administration just weeks before the president’s term concludes.
Vučić warned that the decision would cause significant instability for Serbia and disrupt the global oil market. He detailed the stark choices reportedly presented by Fernandez: to nationalize NIS or seize the Russian equity in the company. Such measures, he noted, would align with broader international actions against Russian assets following the war in Ukraine. However, Vučić dismissed the idea, stating that even an alternative scenario of Serbia buying out the Russian shareholders—an estimated cost of up to 800 million euros—would ultimately funnel money to Russia’s war efforts. “I do not see the point of U.S. sanctions against NIS,” he said.
The Pavlovic Today sought clarification from the State Department regarding Vučić’s statements. A spokesperson for the department neither confirmed nor refuted the scope of Fernandez’s diplomatic conversation with Vučić, including the sanctions against NIS.
“Under Secretary José W. Fernandez and President of Serbia Aleksandar Vučić discussed a number of bilateral topics on a phone call Thursday, but we do not generally comment on private conversations. Additionally, as a matter of policy, the United States does not publicly preview sanctions actions,” the spokesperson told The Pavlovic Today.
In his address to government officials, Vučić expressed optimism about engaging with the incoming Treasury Secretary, Scott Bessent, a hedge fund manager and prominent Trump campaign donor come January 20th.
However, sources within the incoming Trump administration, speaking anonymously to The Pavlovic Today, expressed skepticism that Biden would implement sanctions on the Serbian oil company so close to his departure from the White House.
This story is developing, and we will update it with new information as it becomes available.