Serbia, NIS oil refinery stops work - US sanctions endanger supplies and stability of domestic market
Operations at the Russian-owned NIS oil refinery have been halted due to a lack of crude oil supplies, Serbian media reported. US sanctions on the plant could jeopardize fuel supplies across the Balkan country.
NIS and Serbian government officials declined to comment on the incident. The US Treasury Department imposed sanctions on Russian oil in January, including on NIS, which is majority-owned by Russia's Gazprom Neft and Gazprom.
The United States offered the plant repeated concessions before sanctions took effect in October. Then, banks stopped processing NIS payments and Croatian pipeline JANAF cut off crude oil supplies to the refinery.
Since then, Serbia has been trying to secure alternative fuel supplies for the winter.
A day earlier, the Serbian government said it had enough fuel reserves to supply the domestic market. But a shortage of crude oil forced the refinery to halt operations, local media reported. This means it will no longer be able to produce products such as gasoline, diesel and jet fuel.
A refinery source confirmed the news. The refinery still has fuel in storage, according to the source. Experts warn that if the supply shortage continues, fuel prices could rise significantly for local citizens and businesses.
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