Serbia is implementing emergency measures to maintain energy stability after the United States refused to issue a license allowing oil company NIS to continue operating its Pančevo refinery.
Following consultations with national energy teams, President Aleksandar Vučić announced that Serbia would temporarily secure NIS’ payment operations through the end of the week, despite the financial risks involved.
President Vučić emphasized that long-term gas negotiations with Russia must conclude by Friday. If no agreement is reached, Serbia plans to begin talks with alternative suppliers next week, with funding for purchases already prepared. He noted that current reserves of petrol, diesel, and kerosene are sufficient until late January.
Nearly half of all petroleum product sales in Serbia occur at NIS-branded stations, which occupy prime locations. The company’s operational uncertainty could therefore create challenges for fuel distribution. Serbia currently holds over 204,000 tons of diesel, covering most domestic demand, as diesel accounts for more than 80% of fuel consumption. Petrol stocks are smaller but sufficient, while fuel oil reserves total approximately 54,500 tons, primarily for heating plants and electricity generation, against an annual demand of 44,000 tons.
President Vučić criticized Croatian pipeline operator JANAF for denying Serbia’s request to import crude oil for commodity reserves, though Serbia has continued to secure petroleum product imports under existing measures, and domestic storage capacities remain full.
Energy Minister Dubravka Djedović informed NIS that no signals have been received from Washington indicating a license reversal, meaning refinery operations at Pančevo will halt.
Addressing concerns about secondary sanctions, President Vučić stated that Serbia will ensure NIS can process payments, pay employees, and meet supplier obligations through the end of the week, with daily decisions thereafter. He warned that this approach exposes the state to significant risk, as the National Bank of Serbia and commercial banks could face secondary sanctions at any time.
