T he U.S. State Department has declined to confirm whether sanctions are being considered against Naftna Industrija Srbije (NIS), Serbia’s largest oil company, which is majority-owned by Russia ...

Last month, Gazprom Neft transferred a 5.15% stake in NIS to to its parent company Gazprom, cutting its ownership stake to 44.85%. Gazprom was not targeted by the sanctions. Serbia's government is the ...