Coordination Body for securing supply of oil and natural gas formed – Money not the problem, minister says

The Government of the Republic of Serbia adopted at yesterday’s session a Decision to establish a Coordination Body to guide efforts aimed at ensuring a secure supply of oil and natural gas for Serbia, as an overarching body that will direct and coordinate the activities of two working groups – one monitoring the activities of the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) concerning potential sanctions on Novi Sad-based joint-stock company NIS AD, and the other tasked with negotiating an agreement on the supply and delivery of natural gas to Serbia from the Russian Federation, the government announced following yesterday’s session. The Coordination Body, as said, will be chaired by Prime Minister Miloš Vučević.

– This body has been established in recognition of the need to secure oil and gas quantities needed for stable market supplies, given the possibility of US sanctions on NIS AD – the government says in its announcement.

Its mandate will include reviewing issues and coordinating and guiding the work of state administration bodies and other relevant entities in preparing, negotiating and concluding potential arrangements and taking all activities required to maintain a secure supply of oil and gas.

The government members adopted decisions for the Working Group for negotiating an agreement on the supply and delivery of natural gas to Serbia from the Russian Federation to be led by First Deputy Prime Minister and Minister of Finance Siniša Mali, and for the Working Group monitoring OFAC activities regarding potential sanctions on NIS AD to be headed by Minister of Mining and Energy Dubravka Đedović Handanović.

Mali: Serbia has enough money to solve problem regarding NIS

Regarding the announced sanctions, Minister of Finance Siniša Mali stated today that Serbia had enough money in the budget with which to solve the problem regarding the announced American sanctions against Naftna Industrija Srbije (NIS) due to the Russian share in the company and emphasized that they would not allow for the energy security of the country to be jeopardized.

– The budget can withstand that pressure. We have RSD 500 billion in the budget. The money is not the problem, although there is a problem regarding the structure of the budget. We will find a solution. We won’t and must not allow for the energy security to be jeopardized in any way – he said for RTS.

Vlada Republike Srbije

Predsedništvo Republike Srbije

Ministarstvo finansija Republike Srbije

Ministarstvo rudarstva i energetike Republike Srbije

NIS a.d. Novi Sad

Government of Serbia

president of Serbia

Ministry of Finance

Ministry of Mining and Energy

NIS

Office of Foreign Assets Control

OFAC

Aleksandar Vučić

Miloš Vučević

Siniša Mali

Dubravka Đedović Handanović

US sanctions

oil supply

Russian gas

energy sources