US sanctions bite at Russia-owned oil refinery in Serbia

A majority Russia-owned oil refinery in Serbia will shut in four days if the US does not remove its sanctions, Serbia’s President Aleksandar Vucic has warned. Washington first targeted the Petroleum Industry of Serbia (NIS) site in January, but gave Belgrade waivers until the economic restrictions finally came into force last month. As a result, banks halted the processing of NIS payments, and crude stopped being delivered to the facility through Croatia’s JANAF pipeline. Vucic said the country has enough fuel in the short term but faces “major problems” going forward.