Serbia’s president warned that US sanctions on the Russian-controlled operator of the Balkan nation’s only oil refinery that took effect on Thursday put it in an “extremely serious” position.

The sanctions targeting Petroleum Industry of Serbia (NIS) were delayed multiple times after being first announced in January as part of its crackdown on the Russia’s energy sector following Moscow’s 2022 invasion of Ukraine.

President Aleksandar Vucic warned of “extremely serious consequences for our entire nation” in a television address on Thursday.

“This is bad news for our country, though expected,” Vucic said hours after the sanctions took effect on the company that supplies more than 80 percent of Serbia’s diesel and petrol.

Croatian pipeline operator Janaf, which supplies oil to NIS, said

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