site.btaSerbia's President Holds Phone Talks with UAE Counterpart on Situation in Middle East

Serbian President Aleksandar Vucic held a telephone conversation with the President of the United Arab Emirates (UAE), Mohammed bin Zayed Al Nahyan, Vucic said on Wednesday in an Instagram post. Vucic said that they discussed the situation in the Middle East and the consequences of the conflict for peace and stability in the wider region, the risk of further escalation, as well as the need to preserve channels for dialogue and political understanding in times of major challenges.

“We also touched on broader international developments and the impact of current events on global stability, energy security and economic predictability, which are issues of immediate importance for our country,” Vucic wrote on his profile.

The UAE is part of negotiations for the sale of the majority Russian stake in Serbia’s only oil company, NIS.

NIS (Naftna industrija Srbije), Serbia’s sole oil company and operator of the Pancevo refinery, was placed under US sanctions on January 10, 2025, with the restrictions taking effect on October 9, 2025, after being postponed eight times, prompting warnings about potential secondary sanctions for institutions doing business with the company. Serbia has been operating under time-limited OFAC licensing arrangements, including a waiver allowing the Adriatic oil pipeline JANAF to continue transporting crude for NIS until January 23, 2026. The Serbian state holds about 29.9% of NIS, while the majority stake totals 56.15% and is held through Gazprom Neft (about 44.9%) and the St Petersburg-based Intelligence (about 11.3%), which is linked to Gazprom.