Hungary will provide assistance to Serbia, which has found itself in a difficult situation due to the suspension of oil supplies due to US sanctions. Hungarian Minister of Foreign Affairs and Economic Relations Péter Szijjártó announced this during a working visit to Belgrade.
“We Hungarians, of course, are helping Serbia, the Serbian people and the Serbian economy, and the details of this assistance will be clarified today in Belgrade“, the foreign minister said in a video address broadcast by M1.
Szijjártó also noted that the situation in Serbia shows the vulnerability in which EU leaders are trying to put Hungary by depriving it of additional routes for transporting Russian oil. “Serbia was also supplied through the pipeline, but then its work was interrupted due to sanctions, so Serbia finds itself in a difficult situation“, the minister explained. He stressed that this is why Budapest is resisting Brussels' efforts to wean it off Russian oil and gas.
NIS announced that it had initiated procedures to close its Pančevo refinery due to oil shortages caused by US sanctions. At the same time, the refinery continues to supply the domestic market with oil products thanks to previously built-up reserves. NIS expressed hope for a quick restoration of the operation of this facility, which plays a vital role for the entire region.
Serbian President Aleksandar Vučić said that the closure of NIS, which is subject to US sanctions, could have serious consequences for the country's economy. In January 2025, the US Treasury Department added NIS to the sanctions list along with Russia's “Gazprom Neft“, the majority shareholder of the Serbian company. After several delays, the restrictions came into effect on October 9.
The Serbian Ministry of Energy announced on November 11 that the Russian owners of NIS had notified US authorities of their readiness to transfer control of the company to a third party. On November 19, the Serbian Petroleum Industry requested a new license from Washington that would allow it to operate during negotiations for a change of ownership.