The withdrawal of the company Gunvor from the purchase of Lukoil’s international assets will not disrupt the supply of petroleum products in Serbia, though prices are expected to rise, experts told the newspaper Kurir. However, they noted that the move indicates similar transactions involving the Serbian oil company NIS would likely be rejected by the U.S. administration.
Gunvor, owned by Swedish billionaire Torbjörn Törnqvist, announced on Thursday that it was withdrawing its offer after the United States stated it would never approve the deal. The U.S. Treasury Department wrote on its official X account that as long as Vladimir Putin continues his war in Ukraine, “Gunvor, a Kremlin puppet, will never receive a license to operate and profit.” Gunvor initially called the statement “fundamentally incorrect,” but later confirmed it was withdrawing the offer for Lukoil’s assets.
According to Bojan Stanić, Assistant Director at the Serbian Chamber of Commerce, this decision will not affect the supply of petroleum products in Serbia but could lead to higher prices. He warned that if a similar situation occurred with NIS, any potential sale could be blocked by Washington. Stanić explained that if Serbia were to negotiate the purchase of NIS through a state agreement, the transaction might be acceptable to the U.S., which could also lead to NIS being removed from the sanctions list.
President Aleksandar Vučić met with Russian Ambassador Aleksandr Bocan-Harčenko to discuss regional challenges and energy issues. Vučić said Serbia’s goal remains to fully respect international obligations while safeguarding its energy security, jobs, and investments.
Energy expert Stevica Deđanski, President of the Center for International Cooperation and former State Secretary in the Ministry of Energy, stated that finding a solution for NIS will depend on what is acceptable to the United States. He added that neither Russia, Lukoil, nor Gazprom are the problem—rather, it depends on how the U.S. reacts.
Meanwhile, fuel prices in Serbia have increased, with Eurodiesel now costing 198 dinars per liter and gasoline 182 dinars, marking a two-dinar rise compared to the previous week.
Deđanski emphasized that Gazprom itself is seeking a solution acceptable to both Serbia and the U.S., adding that the resolution to the NIS issue could come soon. The Ministry of Mining and Energy declined to comment on Gunvor’s withdrawal, noting that it concerns a private company.
