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 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.

Serbia is in last minute talks with the United States and Russia ahead of a Thursday deadline to avoid U.S. sanctions on oil company NIS that could result in crude supply cuts, Energy Minister Dubravka Djedovic Handanovic said on Wednesday.