The European Commission (EC) has completed an investigation into the role of Etihad Airways (EY, Abu Dhabi International) in the ownership and operations of Air Serbia (JU, Belgrade) with a positive ruling expected to be officially issued shortly.

Serbia's Novosti news service reports the EC has determined that effective control of Air Serbia does indeed rest with the Serbian state, which holds a majority 51% stake in the airline.

Etihad acquired a 49% stake in Jat Airways (Belgrade) in August 2013 for USD 200 million. The carrier was subsequently revitalized and rebranded Air Serbia.

Though it is only a candidate member for European Union membership, Serbia is still required to adhere to the bloc's laws and regulations among which is a requirement that no non-European entity may own more than 49% of a European airline.

As such, the 2013 investment fell within the scope of a wider 2014 EC investigation into the extent of the role Etihad plays in the decision-making process of a number of European carriers including Air Berlin (1991) (Berlin Tegel), Alitalia (AZA, Rome Fiumicino), and Darwin Airline (Lugano).