"January 15 is that date" President Vucic speaks about US sanctions against NIS as he addresses BELTALKS forum

Photo: Tanjug/Ana Paunkovic

BELTALKS: Belgrade Economic Talks gathering is being held in Belgrade today, a forum dedicated to strengthening cooperation and competitiveness across Europe through inclusive dialogue and practical cooperation, and one of the participants is President of Serbia Aleksandar Vucic.

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Speaking about the situation regarding the Pancevo refinery and the US sanctions against NIS (Petroleum Industry of Serbia), the president said the following:

"The first possibility is for the Americans to grant a license (to NIS), or withdraw their sanctions against Russian companies. Which is not likely. The Russians are more likely to sell their shares to another company. I hope they will do it. And number three, I hope that will not happen, is that we will have to act as a state, and if it happens, it will happen within 37 days. January 15 is the deadline," stressed Vucic.

He said that date is fast approaching, and that Serbia cannot survive without a (working) refinery.

"We also face secondary sanctions. Every morning when I get up, the first thing I do is check if there is any news about secondary sanctions against our banks and commercial banks. The monetary and fiscal system in Serbia is the best in the region. We are the only ones with an investment rating in the region. Now all that is in danger because of the situation around NIS," said Vucic.

The president added that everyone must understand that January 15 is the deadline, that there is no extension, and that the supply of fuel for citizens and the economy of Serbia must not be jeopardized.

He pointed out that Serbia is "the only country that has direct flights to Russia" - thus illustrating the good relations that Serbia has with Russia.

"It's not about nationalization (of NIS), if it comes to that. In that case, we will pay. Friends from around the world told me that I put Serbia in a difficult position because we did not impose sanctions against Russia. They understand that we have different problems, but that in the end we have to fully comply with the demands. I am sure that Russians understand everything very well, and that unless the sanctions are lifted, they will have to sell the company," Vucic said, adding:

"But I don't see the point of anyone being angry with Serbs or Serbia. But someone on their side must also understand that we are an independent and sovereign country and that I have a responsibility towards the citizens of Serbia. I can't imagine our lives with empty gas stations. What are we going to do with our health system and industry. It's inevitable, we have to keep the refinery."

Vucic also stated that he is still waiting for news from Moscow regarding the gas supply arrangement - and that Serbia is ready to diversify energy sources.

"You mentioned that this is a rational approach, what I just talked about. I am rational and pragmatic. But that doesn't mean much in today's world, so I can't predict much. I cannot predict how the story with gas will end in Serbia. But because of the emotional approach, because of the fact that no one cares about the facts anymore and no one wants to listen to the other side, I tell you that within a year and a half we will be facing a major war. That's what I said three months before the start of the war in Ukraine. Nobody believed me then. I just analyzed all the data and people's emotions. Today, nobody cares about the truth," said Vucic.

The president said that Serbia has a very stable currency, the exchange rate of which has not changed for years.

"We have been building the foundations and pillars of economic growth since 2014, when I became prime minister the ratio of public debt to GDP in our country was 79 percent, and today it is 43 percent, which is twice less than the European average. And I am very proud of this result," he said.

According to Vucic, we have been able to boost our economic growth through real development based on three pillars.

"One was foreign direct investments. Others were the state's huge investments in infrastructure in our country. And of course, number three, higher consumption due to higher salaries, higher pensions. Now some of these pillars are under threat, partly because of the global situation, partly because of the internal problems we have been facing over the last 12 months," said Vucic.

He added that the level of foreign direct investments in particular will drop, but that we will have precise figures in a few days.

"Nevertheless, we will be number one when it comes to countries not only in the Western Balkans, but in a slightly wider area, however not close to our results from last year," said Vucic.

(Telegraf Biznis)