Serbia: development of restrictive measures against Naftna industrija Srbije

Serbia's Naftna Industrija Srbije (NIS) is one of Southeast Europe's largest vertically integrated energy companies, developing oil production, refining, and power generation. NIS is the largest single contributor to the Serbian economy.

Russian oil company Gazprom Neft became a shareholder of NIS in 2009, acquiring 51% from the Serbian government, and in 2011, Gazprom Neft increased its shareholding to 56.5%. After the Russia-Ukraine conflict started in 2022, Gazprom Neft reduced its stake in NIS to 50% by selling 6.15% to the Russian oil and gas company Gazprom. The Serbian government holds 29.87% of Gazprom, and other shareholders hold 20.13%.

Serbia's indigenous oil production can supply only 20% of