Serbian President Vucic Warns of Oil Refinery Closure Due to US Sanctions

Refinery Operations at Risk

• ⚠️ The Serbian oil refinery (NIS) is currently in a "hot circulation" or idle mode, operating at a significantly reduced capacity.
• ⏰ A complete shutdown is imminent within four days if a crucial license from the US Office of Foreign Assets Control (OFAC) is not approved.
• 💡 This license is essential for the refinery to continue operations and conduct business otherwise prohibited by international sanctions.

Impact of US Sanctions

• 💬 President Vucic described the situation as "serious blackmail," stating that sanctions intended for Russia are profoundly affecting Serbia.
• 🎯 Serbia finds itself in an increasingly difficult international position, caught between conflicting global actors.
• 🇷🇺 Despite not being responsible, Serbia has faced heavy attacks and blackmail due to these sanctions.

Depleting Reserves & Market Supply

• ⛽ The refinery has already begun consuming its operational reserves, which are projected to be largely depleted by December 1st if no new oil flows.
• 📦 Current reserves include 55,000 tons of diesel and 50,000 tons of gasoline, estimated to last until late December for the retail network.
• ✅ Serbia is committed to ensuring market supply even if the refinery ceases operations, despite the enormous anticipated consequences.

Future Strategy & Ownership

• 🗓️ President Vucic proposed an additional 50 days (following a previous 47) to find a new investor or buyer for the Serbian oil industry.
• 🚫 The government's decision is not to nationalize the refinery, respecting the current owner's right to manage its assets.
• 🤝 Serbia is prepared to endure the consequences of a non-operational refinery, emphasizing it will not nationalize the asset.