U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) placed sanctions on Russian petroleum companies in January 2025, but for the petroleum industry of Serbia (NIS JSC Novi Sad), they were postponed repeatedly before finally took effect on October 9, 2025. In particular, PJSC Gazprom Neft owns 44.85% of NIS JSC Novi Sad, followed by Serbian government with 29.87%, JSC Intelligence with 11.3%, and small shareholders with 13.98%. Because of this, Pančevo Oil Refinery ran out of crude oil and stopped its operation on December 2, 2025. However, NIS JSC Novi Sad produces not only petroleum derivatives but also significant amounts of electricity. Part of this electricity is used b... More >