Vucic: NIS sanctions bad news, Serbia to continue discussions with US, expects Moscow's reaction

BELGRADE - Serbian President Aleksandar Vucic said on Thursday US sanctions on Serbia's Russian-majority owned oil company NIS, which entered into force earlier in the day, were bad news for Serbia that would be felt by all citizens, and added that discussions with US partners would be continued and that Serbia expected further reactions from Moscow.

"As a country that cherishes rule of law, a country that has never boasted of robbery and has always acted responsibly, we cannot gladly agree to models of snatching someone's capital or property. That is our political decision. We have had discussions, and will continue discussions, with US partners. We had discussions with the Russian ambassador, too, this morning. We expect further reactions by Moscow," Vucic said at an extraordinary press conference at the Presidency of Serbia.

He noted that the sanctions on NIS were not only about a single company and its operations.

"The consequences for our entire country are extremely difficult, politically, economically, socially and in every other sense. The most important thing is that the Serbian citizens understand that this is not aimed against an individual, against someone in the state administration, but that it is something that will impact every citizen of our country. That is why we must be united and find the best possible solution," Vucic said.

He also said that, according to realistic estimates, the NIS oil refinery could continue to operate until November 1 without further crude oil supplies and added that, when it comes to fuels, there would be no problems until the New Year.