Kokotovic: Russia can quickly find company for NIS ownership structure

BELGRADE - Russia can quickly find a company that will take its place in the ownership structure of Serbia's Russian-majority owned oil company NIS, which is under US sanctions, says Nadezda Kokotovic from the Brussels Energy Club, adding that she is certain a quick solution acceptable to both NIS and the US will be found and that Lukoil's mistake with Gunvor will not be repeated.

Speaking to the RTS, Kokotovic said that, during four years of sanctions, Russia had created a wide network of partners and intermediaries in Asia and the Middle East.

"Relatively quickly, they can find a company that will take their place in the ownership structure. There are quite a lot of companies and investors that have good relations with both Russia and the US - from Azerbaijan, Kazakhstan and Gulf states, to Turkey and even Hungary," she said.

She said the fact things had got underway following a recent visit to Belgrade by the Gazprom CEO inspired optimism and added that she believed he had good intentions towards Serbia.

She said there was much speculation about a third party - which she said was a "million-dollar question" - and that it seemed that no one knew the true information.

Kokotovic said she believed a Russian offer to the US regarding NIS involved full ownership of the company because the trusteeship model was no solution, as evident from the example of Germany and complex talks that had not been finalised.

Speaking about Serbia's gas arrangement with Russia, Kokotovic noted that it would undoubtedly be extended by the end of the year and that gas would be available, but warned that Serbia must prepare for January 1, 2028, when the EU will officially end the transit of Russian gas to Europe through the Turkish Stream pipeline.