Serbia's balancing act between its EU ambitions and close ties with Russia faces a severe test this winter. The unresolved fate of Serbia's Russian-owned oil and gas company NIS threatens the country's energy security.
For Serbia's authorities, the clock is ticking: By November 25, the government must decide what to do with the oil and gas company Naftna Industrija Srbije (NIS) — a decision that raises major energy security, financial and geopolitical dilemmas that Belgrade can no longer postpone.
The Russian state-owned oil company Gazprom Neft holds a 45% stake, and another Russian firm, Intelligence, an 11.3% stake in NIS, putting it in the crosshairs of US sanctions aimed at preventing Russia from using energy revenues to fund its war in Ukraine.
These sanctions have been postponed no less than eight times since January but finally came into effect on October 9.
NIS operates Serbia's only oil refinery, which is situated in Pancevo Image: Darko Vojinovic/AP Photo/picture alliance
Their impact was felt immediately: US measures disrupted the flow of crude oil via the JANAF pipeline, leaving Serbia's refinery with only enough supplies to process until the end of Novembe
Continue Reading on Deutsche Welle
This preview shows approximately 15% of the article. Read the full story on the publisher's website to support quality journalism.