Vucic: We must not wait until March 16 without solution for NIS

BELGRADE - Serbian President Aleksandar Vucic says Serbia must not wait until March 16 without a solution for its majority Russian-owned oil company NIS, which is set to face US sanctions.

In an appearance on the RTS on Sunday, Vucic said Serbia would not be consuming its crude oil reserves in the meantime.

"We must conserve our reserves for even tougher days, which might come as a result of the Ukraine conflict and the situation in the Pacific, the Middle East and many other parts of the world," Vucic said, noting that "people need not worry."

Asked if Serbia had the funds to buy the Russian stake in NIS, Vucic responded money was available immediately and that Serbia would not need to buy the entire Russian holdings as it already owned a 29 pct stake in the company.

"If we were to go in that direction, and we will see, we will first try to avoid that... ...we would not sell it to anyone else," he said.

"But my question to the Americans is: OK, people, you want to punish Russia, but we are to pay out money to them. That money will be immediately available to them for military needs as well as for all other needs. What is the point?" Vucic said.

Asked if the sanctions would be targeting NIS or Serbia, Vucic responded that he believed the US administration wanted to turn Serbia to the other side and that the sanctions did not have much to do with Russia's war effort.

Asked if he expected the incoming Trump administration to scrap the measure, Vucic said he expected it to abolish many measures but that he could not say the same of sanctions on NIS.

"I wish it was possible, but we will talk. I have not spoken personally with the new US treasury secretary, but I know the people around him extremely well, some are even friends of mine, and I will be trying to get in touch and I believe I will succeed in that in the coming days," Vucic said.