Russian oil producer Gazprom Neft has transferred around 5.15% of its shares in Serbian oil and gas company NIS to parent company Gazprom in response to US sanctions, reported Reuters. The move aims to prevent disruptions in Serbia's crude oil supply by complying with the sanctions imposed on Russia's oil sector on 10 January,

Russia's Gazprom Neft transferred stakes of around 5.15% in Serbia's NIS oil company to Gazprom, in an attempt to ward off U.S. sanctions that could result in crude supply cuts for the Balkan country.

Russia’s Gazprom Neft has reduced its ownership in Serbia’s top oil company, NIS, just as a US-imposed deadline on sanctions approaches. The move aims to prevent potential penalties that could cut off Serbia’s oil supply.