Serbia's Oil Supply Threatened as Sanctions Loom

Serbia risks losing vital oil imports due to failed discussions on preventing sanctions on its sole oil refinery. A waiver expires soon, potentially leading to crude supply cuts. President Vucic expressed doubts about finding a solution with international parties before the deadline.

Serbia stands on the brink of an energy crisis as its discussions to avert sanctions on its primary oil refinery falter. President Aleksandar Vucic revealed to the Financial Times that the waiver on sanctions is set to expire at midnight, threatening the refinery's crude supply.

NIS, the country's sole major refinery, is majority-owned by Russia's Gazprom Neft and Gazprom. With the potential for significant crude supply disruptions, Serbia's oil needs may no longer be fulfilled if a resolution isn't reached.

Vucic expressed skepticism about reaching an eleventh-hour agreement, noting the lack of progress in negotiations with American counterparts and Russian stakeholders. The looming deadline puts the nation's energy security in a precarious position.

(With inputs from agencies.)