The US has postponed sanctions against Serbian oil company NIS for the last time: a key company could be at risk
The United States has postponed for the fifth and final time the imposition of sanctions against Serbian oil company Naftna Industrija Srbije (NIS), which is controlled by Russia’s Gazprom. According to Reuters, the new exemption from the sanctions list has been extended until the end of August. No further extension is planned after that.
Serbian Energy Minister Dubravka Čedović Handanović said that Belgrade wants to keep oil supplies stable and called “the exclusion of NIS from OFAC sanctions a priority.” She said that dialogue between the US and Russia remains an important condition for this.
NIS is a strategically important company for the Serbian economy. It operates the country’s only oil refinery in Pančevo (near Belgrade), as well as the largest network of gas stations and logistics infrastructure in the fuel sector.
According to the ownership structure:
• 44.9% of NIS shares are owned by Gazprom Neft (Russia),
• 11.3% by Gazprom,
• 29.9% by the Serbian government,
• the rest by minority investors.
It was Russian control over the majority of shares that led to NIS being sanctioned by the US Treasury Department’s Office of Foreign Assets Control (OFAC). Initially, the company was to be completely blocked in January 2025, but since then it has received four temporary licenses to continue operations.
In July 2025, NIS applied for a temporary license for the fifth time and received it for one month, until the end of August. During this period, Gazprom Neft was again reminded of the requirement to withdraw from the Serbian company’s shareholders.
Analysts note that if the sanctions are imposed in full, this could destabilize the fuel market in Serbia, create logistical disruptions, and cause oil prices to rise.
An alternative could be a transfer of control from Russian shareholders to European or Middle Eastern investors, but negotiations on this issue have not yet been officially confirmed.
NIS is a leader in the Serbian petroleum products market and is actively developing its operations in Romania, Bulgaria, and Bosnia and Herzegovina.
The company is also involved in oil and gas exploration and production, lubricant manufacturing, and power generation.
Source: https://t.me/relocationrs/1228
Denmark and Germany have agreed to participate in the new format of arms supplies to Kyiv proposed by US President Donald Trump, while France, Italy, the Czech Republic, and Hungary have refused, Western media reported on Wednesday.
In addition, Bloomberg reported on Wednesday that Europe increasingly feels the need to end its dependence on US weapons.
“Europe is heavily dependent on the US defense industry. However, due to trade tariffs, President Trump’s attitude toward NATO and his lack of commitment to defending the alliance’s countries, European countries will increasingly prioritize investments in their own defense systems,” the agency’s sources said.
According to the European portal Politico, France has refused to participate in the purchase of American weapons for Ukraine. The publication’s sources said that instead, the government intends to focus on increasing its own defense budget, which President Emmanuel Macron promised last weekend to almost double by 2027 compared to the 2017 budget.
In addition, Paris wants to support European manufacturers who previously supplied Ukraine with anti-missile systems and other weapons.
Italy also has no plans to purchase weapons from the US for delivery to Ukraine, but will continue to provide military assistance to Kyiv. Unnamed representatives of the Ministry of Defense told the newspaper La Stampa that there had never been any talks about purchasing American weapons for Kyiv.
In addition, the newspaper notes that Italy does not have the funds to carry out operations of this kind. According to the newspaper’s sources, the problem is so acute that the only purchase from the US planned by Italy for the next ten years is a batch of F-35 fighter jets for its own needs.
The Czech government, in turn, said that military aid to Kyiv would continue, but through participation in other initiatives and purchases from Czech, not American, manufacturers.
Hungarian Foreign Minister Péter Szijjártó said that Budapest does not intend to participate in the purchase of American weapons for Ukraine.
Berlin and Copenhagen have so far given their official consent to purchase weapons from the US. Danish Foreign Minister Lars Rasmussen said he was fully prepared to join the funding.
The Dutch Foreign Ministry, in turn, said it was considering participating in the program. However, despite the government’s positive assessment of the initiative, Amsterdam has not yet confirmed its commitment to direct participation.
According to NATO Secretary General Mark Rutte, Sweden, Norway, and the United Kingdom are also expected to join the funding.
On July 11, Trump announced that US NATO allies would purchase weapons from Washington, which could then be transferred to Ukraine.
During a press conference with Trump on Monday, Rutte called it “logical” that European countries would pay for US arms deliveries to Ukraine.
European diplomacy chief Kaja Kallas said on Tuesday that EU countries would prefer Washington to provide part of its military aid to Ukraine free of charge. “If we pay for these weapons, it means that we, not the US, are providing this military aid,” Callas said at a press conference in Brussels. She stressed that Brussels “would like to see these costs shared.”
The administration of US President Donald Trump is stepping up pressure on key allies in the Indo-Pacific region, particularly Japan and Australia, demanding clear commitments on their role in the event of a war between the US and China over Taiwan, the Financial Times reports, citing informed sources.
“US Deputy Secretary of Defense for Policy Elbridge Colby has been actively raising this issue in recent months at meetings with representatives of the Japanese and Australian defense ministries. According to sources, this has surprised allies, as the US itself does not provide Taiwan with security guarantees,” the report said.
“Specific operational planning and exercises that are directly applicable to an unforeseen situation in Taiwan are being advanced with Japan and Australia,” one of the publication’s sources said.
However, the Japanese Ministry of Defense noted that the issue of an emergency situation in Taiwan is hypothetical and that responses to it should be based on national and international law. The Australian Embassy in the US declined to comment.
According to the publication, Colby’s efforts are part of Trump’s agenda to “restore deterrence and achieve peace through strength,” which includes calls for allies to increase defense spending.
It is also noted that Colby advocates revising the AUKUS security agreement, which allows Australia to acquire nuclear submarines, and calls on European allies to reduce their military presence in the Indo-Pacific region and focus on the Euro-Atlantic direction.
The US continues to occupy a leading position among buyers of Ukrainian recycled pig iron: in the first half of 2025, the US market accounted for more than 77% of foreign exchange earnings from exports of this product.
According to data from the State Customs Service, Ukraine increased its pig iron exports by 47.5% in volume terms in January–June, to 883,200 tons, compared with 598,900 tons in the same period of 2024. In monetary terms, exports grew by 54.6% to $349.4 million.
The main destinations for exports in the first half of the year were:
The US — 77.36% of export revenue;
Italy — 11.96%;
Turkey — 4.91%.
Earlier, on March 12, 2025, the administration of US President Donald Trump imposed 25% tariffs on Ukrainian metal products, with the exception of cast iron. This allowed Ukrainian exporters to maintain their competitive position in the US market and, as statistics show, increase supplies.
At the end of 2024, Ukraine exported 1.29 million tons of processed cast iron worth $500.3 million, of which 72.6% went to the US. Thus, in 2025, the US not only retained its status as a key trading partner in this segment, but also strengthened its importance for the Ukrainian metallurgical sector.
Oksana Markarova will be recalled from Washington as part of measures to strengthen relations with Trump’s team.
Volodymyr Zelensky is replacing Ukraine’s ambassador to the US, who has been heavily criticized by leading Republicans, as part of a diplomatic reshuffle aimed at strengthening relations with the Trump administration.
Ukrainian Foreign Minister Andriy Sibiga confirmed on Wednesday that Oksana Markarova will be recalled from Washington after four years in the post. He described her as “extremely effective, charismatic and one of our most successful ambassadors.”
He indicated that several high-ranking ambassadors in G7 and G20 countries would also be transferred, telling Ukrainian radio: “Every diplomat has a rotation cycle.”
The diplomatic reshuffle comes at a critical moment in the war. Russian troops are advancing on a 600-kilometer front, and their pace has accelerated in recent weeks. A Kremlin spokesman said, “We are advancing.”
Russian combat units have approached the crossing into the Dnipropetrovsk region for the first time.
Late on Tuesday night and early Wednesday morning, Russia launched its largest air strike since the start of its full-scale invasion in February 2022. It involved a record number of 728 Shahed drones, as well as 13 cruise and ballistic missiles. Most of them were shot down.
US House Speaker Mike Johnson is among the Republican figures who have criticized Markarova, accusing her of supporting the Democratic Party and its candidate Kamala Harris ahead of last November’s presidential election.
In February, she was photographed with her head in her hands during Vladimir Zelensky’s disastrous meeting with Donald Trump in the Oval Office.
After Zelensky visited a shell factory in Pennsylvania last September, calls for her resignation were heard.
Markarova organized the visit and did not invite a single Republican, Johnson said at the time.
Ukrainian officials deny any bias, but acknowledge that the ambassador previously had a good relationship with the Biden administration and was close to Victoria Nuland, then deputy secretary of state for political affairs.
Zelensky and Trump discussed Markarova’s resignation during a phone call last Friday, which the Ukrainian president called the most constructive to date.
On Tuesday, Trump expressed growing dissatisfaction with Vladimir Putin and announced the resumption of US arms deliveries to Kyiv. His statement followed a week-long pause, apparently ordered by US Defense Secretary Pete Hageett.
The shipment includes Patriot interceptor missiles and other high-precision weapons. It is unclear how many units will be transferred. The American news site Axios reported that 10 missiles will be delivered — a negligible amount at a time when Moscow has sharply intensified its bombing of Ukrainian cities.
The night raid targeted the northwestern city of Lutsk. At least six civilians were killed and 39 wounded in several other regions of the country, including Kharkiv and Donetsk in the northeast and east, as well as Kherson and Zaporizhzhia in the south.
According to local authorities, a one-year-old boy named Dmitry was killed in the village of Pravdino in the Kherson region when Russians struck his home with drones. The boy lived with his great-grandmother.
One of the possible successors to Markarova in Washington is Igor Zhovka, deputy head of the Ukrainian president’s administration.
Zhovka’s immediate superior is Andriy Yermak, whom many consider the most influential person in Ukrainian politics after Zelensky.
Other candidates include Finance Minister Serhiy Marchenko and Olga Stefanishyna, who is Deputy Prime Minister for European and Euro-Atlantic Integration and Minister of Justice.
There is growing optimism in Kyiv that Trump’s shift toward Russia earlier this year has been halted, if not completely reversed. One former Ukrainian official attributed this transformation to Jonathan Powell, Britain’s national security adviser and an experienced negotiator.
Powell played an important role in mending Zelensky’s tense relationship with Washington after the Oval Office incident.
He advised the Ukrainian government to avoid confrontation with the US president and take his words at face value.
According to the official, this approach, known as “strategic patience,” has begun to bear fruit.
Zelensky agreed to US proposals for a 30-day ceasefire, repeatedly praised Trump’s leadership, and signed an agreement giving American investors access to Ukraine’s valuable natural resources.
On Wednesday, he met with Pope Francis in Rome ahead of a two-day international conference organized to help Ukraine with post-war reconstruction. Zelensky said they discussed the return of Ukrainian children and civilians abducted by Russia, as well as the Vatican’s offer to facilitate peace talks.
German Chancellor Friedrich Merz will attend the conference. During a recent phone call with Trump, Merz reportedly offered to buy Patriot anti-aircraft missile systems from the US and send them to Ukraine.
Trump’s envoy to Ukraine, Keith Kellogg, will also arrive in Rome, where he is likely to hold talks on arms supplies with Ukrainian Defense Minister Rustem Umerov.
G7 countries have agreed with the United States to exempt American and British companies from additional taxes, Reuters reported on Saturday.
In particular, the group has created a “side-by-side” system in response to the US administration’s agreement to withdraw its proposal to introduce a tax in response to Section 899 of President Donald Trump’s tax and spending bill, according to a statement from Canada, which chairs the G7.
The US Treasury Department also said that the “parallel system” agreed with the G7 could preserve important achievements within an inclusive framework in the fight against tax base erosion and profit shifting.
“Today’s agreement provides much-needed certainty and stability for these companies after they expressed their concerns,” said Finance Minister Rachel Reeves, adding that work must continue to combat aggressive tax planning and tax avoidance.
