Serbia’s energy sector is sliding into a full-scale crisis after President Aleksandar Vučić confirmed Tuesday that the country’s oil giant NIS has been denied a U.S. license to continue operations. The move effectively freezes the company’s ability to process crude — and exposes Belgrade to mounting geopolitical pressure from both Washington and Moscow.
Sanctions Bite: Serbia’s Main Refinery Without Crude Since October
The NIS refinery in Pančevo has been without oil supplies since October 9, when U.S. Treasury sanctions tied to Russia’s war in Ukraine took effect. Russian companies hold a controlling majority in NIS — Gazprom Neft owns roughly 44% and Intelligence Co. Ltd. another 11% — leaving Serbia trapped inside the crossfire of global energy politics.
Vučić confirmed that U.S. authorities approved only the shutdown license, noting that the refinery is currently in a system-maintenance phase and that fuel supply at Serbian gas stations remains stable — for now.
Political Standoff, Not an Economic One
The crisis is further intensified by Croatia’s JANAF, operator of the Adriatic oil pipeline, which halted deliveries to Pančevo due to U.S. sanctions. Vučić openly admitted that negotiations on a potential sale of the Russian majority stake have led nowhere.
“It’s clear the Russians don’t want to sell. This is not about money — it’s about politics,” the Serbian president said, blasting Croatia for refusing to allow Serbia to import oil for strategic reserves.
Gas Talks With Moscow at Breaking Point
Serbia’s long-term gas deal with Russia expires at the end of the year. Vučić issued a stark warning: if a new agreement is not reached by Friday, Belgrade will turn to alternative suppliers, insisting that the necessary funds have already been secured.
As winter approaches, Serbia is navigating one of the most politically charged energy crises in its modern history — squeezed between sanctions, Russian leverage, and an urgent need to secure its own stability.