At the heart of Serbia’s gas vulnerability lies a simple structural fact: the country does not have enough storage to survive prolonged supply shocks...
Natural gas has become Serbia’s most strategically sensitive energy input, not because of its scale—Serbia consumes far less gas than major European markets—but because...
The financial architecture of Serbia’s downstream oil sector is shaped by a combination of operational cost structures, geopolitical exposure and shifting regional logistics. The...
For decades, Serbia’s national utility, Elektroprivreda Srbije (EPS), operated under the illusion of indestructibility. Its sprawling lignite mines, ageing thermal plants and hydropower dams...
For more than two decades, Serbia’s political and economic stability rested on a simple, unwritten assumption: Russian gas would continue to flow, reliably, predictably...
When the United States expanded its sanctions targeting Russian energy interests, few policymakers in Belgrade initially grasped the magnitude of what was unfolding. On...
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