The European Commission’s Serbia 2026 Report, issued on 4 November 2026, identified Serbia’s dependence on Russian gas and Russian-controlled oil assets as a direct economic and investment risk. The assessment linked security of energy supply with sanctions, ownership structures and industrial competitiveness, making energy dependence a business exposure as well as a geopolitical concern.
Serbia’s existing gas supply contract with Russia was extended in September 2026 for three months, through 31 December 2026. The Commission said Serbia should reduce its reliance on Russian gas and address Russian majority control over parts of its gas and oil sectors. Certification of the Banatski Dvor underground gas storage facility remained pending.
NIS, Serbia’s main oil company and sole refinery operator, remained subject to U.S. sanctions linked to Russian majority ownership during the reporting period and operated under temporary licensing arrangements. Uncertainty surrounding NIS affected fuel supply, financing, counterparties and broader business confidence.
For energy-intensive investors, security of supply has become part of Serbia’s country risk. Serbia has taken steps to diversify gas imports through Azerbaijan and European Union routes. Long-term competitiveness will depend on reducing exposure to a single supplier and aligning storage, transmission and market rules with European standards.
