Vucic: US has imposed tough, serious sanctions on NIS, Serbia to react in serious manner

BELGRADE - Today, Serbia faces tough, serious US sanctions on NIS that require a complete exit of Russian interest in the oil company, Serbian President Aleksandar Vucic announced on Friday.

An ownership transformation plan must begin immediately and we only have 45 days, until and including February 25, to complete all operations, and only the financial transaction can possibly be completed by March 12, Vucic said at the Presidency of Serbia.

He said Serbia would react in a responsible and serious manner.

"Even though we will be in a hurry, we will not rush to make the wrong decisions," he added.

Vucic noted that Serbia had in no way contributed to the imposition of the US sanctions or interfered in conflicts between big powers.

"The Government of the Republic of Serbia sold NIS to Russia's Gazprom Neft in 2008. President Tadic and PM Kostunica made a decision about one of the most significant public enterprises," he said.

"In the past 16 years, NIS has been a major contributor to the budget as well as to numerous development projects of the Republic of Serbia. Today, a few days before a change of government, the US - the world's most powerful country - imposed sanctions on NIS," Vucic said.

He also said he had information the UK and the majority of European countries would join the US sanctions on NIS by Monday at the latest.

Vucic also announced Serbia would request that the incoming US administration reconsider the decision on the sanctions.

Serbia is no enemy to Russia and "we want no hostile takeovers of someone else's property," Vucic said, adding that he would discuss the issue with Russian President Vladimir Putin by phone.

He said upcoming talks about extending a gas arrangement with Russia would not be easy.

"Serbian citizens should not react in any kind of panicking manner, just like we will not do so either. We will react in a responsible, serious and diligent manner," he said.