A suspension of payment operations could have severe consequences for consumers and employees of Naftna Industrija Srbije (NIS), a company that plays a crucial role in the Serbian economy. NIS is entering a decisive period, and if a solution is not found to remove Russian ownership, its future could become highly uncertain.
If the company does not receive a U.S. license — after Washington imposed sanctions in early October due to majority Russian ownership — the entire operation of NIS would be threatened. The National Bank of Serbia (NBS) has already announced that it will “suspend payment operations” with the company.
Such a move would significantly impact consumers and NIS workers. Economist Veroljub Dugalić told Nova ekonomija that consumers would no longer be able to pay for fuel at NIS or Gazprom stations using cash or bank cards. Currently, payment is possible only in cash or with Dina cards, as all other instruments are blocked due to sanctions.
Even if cash payments continued, the company would not be able to use the money, economist Milan Nedeljković told BBC Serbian. If payment operations stop, NIS would not be able to send money to anyone — including salary payments to employees.
“If there are no transactions with banks, wages cannot be paid into employees’ accounts,” Nedeljković said. He noted that Serbian regulations require all wages to be paid through bank accounts, not in cash, unless temporary exceptions are introduced.
The NBS stated that the suspension is necessary “to protect the stability of the domestic financial system and ensure uninterrupted payment operations nationwide.” The Association of Serbian Banks confirmed that private banks will take the same approach.
Nedeljković described the likelihood of a complete shutdown of payment operations as low but said that if it occurred, NIS’s business would effectively be paralyzed.
“In that scenario, NIS would be unable to make any transaction with any business entity because all operations run through the banking system — it could neither receive nor send funds,” he said. “NIS would be unable to pay obligations or collect its receivables.”
President Aleksandar Vučić said on 25 November that Russian owners have 50 days to sell their stake in NIS. If no deal is reached, Serbia will first introduce temporary administration and then offer Russian shareholders “the highest price” the state can pay.
Meanwhile, the Pančevo oil refinery has entered a shutdown process due to a lack of crude oil caused by U.S. sanctions. Vučić described the current mode as “hot circulation” — not fully shut down, but operating at a reduced capacity.
Russian companies hold roughly 56% of NIS: Gazprom Neft owns 44.85%, and the Russian fund “Intelligence” owns 11.3%. Serbia holds 29.87%, while small shareholders own 13.98%, according to company data.
