Vučić after sanctions on NIS: Full exit of Russian capital is sought, ownership transformation must be approved by the US

(Patria) - Serbian President Aleksandar Vučić said that US sanctions on NIS are a comprehensive blow to Russian companies and companies connected to them, including NIS. This is, as he said, the harshest sanctions, and they expect the exit of Russian capital by February 25th. He emphasized that Serbia will react responsibly and seriously and will not rush into making wrong decisions. NIS was sold in 2008.

"We should not react in any way, just as we will not, in a panic. We will react responsibly, seriously, and calmly, and nowhere, although we will be in a hurry because we know how short our deadlines are, will we rush into making wrong decisions. We will ask the upcoming administration to reconsider this decision once more and to see if we can get some mitigating circumstances regarding these decisions that have already been made," said Vučić.

The President of Serbia stated that these are very severe sanctions, which have two legal bases – one from 2014 and one from 2020, from the time of the administrations of Barack Obama and Joe Biden.

"These are the harshest sanctions affecting a company in Serbia, and a complete exit of Russian capital and interests from NIS is sought. They do not allow for the possibility of 49 percent Russian capital, but a complete exit. The company will be able to operate normally, but we must immediately start with a plan for ownership transformation, and this plan must be approved by OFAC and the US Government. We have the right to consultations, and we will exercise that right. For all operations, we will have 45 days, ending on February 25th. By then, we must finalize everything with Russia, everything must be completed. We only have room until March 12th to extend the financial transaction, but that too must be approved by the US Department of the Treasury. It is possible that they will say that they do not allow even the money we are supposed to transfer, but we will discuss that," said the President of Serbia.

He said that this is a comprehensive blow to Russian companies and companies connected to them, including NIS.

"Serbia has contributed nothing to the imposition of such sanctions against a company operating in its country. We have not interfered in the conflicts of the great powers in any way, we have stayed out of it, we have not sided with anyone," said Vučić.

He stated that the entire Russian energy sector is being targeted.

He also said that Great Britain, as well as most European countries and companies, will join these sanctions.

"No one will want to risk sanctions. Serbia is not an enemy country, and we do not want to take over someone else's property. I will talk to President Putin. First by phone, and then in other ways. We also have talks ahead of us regarding the renewal of the gas arrangement. I will also talk to Chinese representatives. Instead of celebrating the opening of a new era for Serbia and China, we are dealing with this today. We will protect Serbia's interests at all costs, there will be no shortages or economic catastrophe. We will face pressure, but we will win this time too, and Serbia will be the fastest-growing economy in Europe in 2025," said Vučić.