Analysis: What EXACTLY did Vucic say to citizens Serbia about possible consequences of US sanctions

Photo: Tanjug/Rade Prelic

President Aleksandar Vucic stated today during an unscheduled address that a potential halt in the functioning of certain cooperation mechanisms between Serbia and the United States could lead to secondary (to US sanctions against Petroleum Industry of Serbia, NIS) sanctions that would affect the country's financial system.

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According to him, the National Bank of Serbia (NBS) has received a warning that it could become the target of such measures, which would risk the stability of the entire banking sector.

Photo: Tanjug/Rade Prelic

Vucic stressed that if such sanctions were imposed, they could result in "complete suspension of payment transactions and services for the population", as well as "a cessation of the functioning of payment cards, issuing of loans, and everything else."

This would mean that citizens could face serious difficulties withdrawing money, using cards, and carrying out everyday banking transactions.

Photo: Shutterstock

Vucic also said that he "personally received verbal guarantees from the Americans that (...) there will be no such sanctions against the National Bank of Serbia and commercial banks" - and added that this agreement currently allows for the stable functioning of the system.

However, he noted that the final US decision still awaited, after which further developments will be clear.

National Bank of Serbia; Photo: Shutterstock

In practical terms, the president's message to the citizens is that any measures against the National Bank of Serbia could cause serious disruptions in the payment system, hinder the operations of commercial banks, and introduce financial instability that would directly affect both the population and the economy.

Until the final decision is made, the system is functioning as usual, but the state remains on high alert due to the possibilities the president described.

(Telegraf Biznis)