French news agency AFP reports that Hungarian Foreign Minister Péter Szijjártó announced in Belgrade that Hungary will increase exports of oil products to Serbia, anticipating the possible shutdown of the NIS refinery in Pančevo, which is affected by U.S. sanctions due to its majority Russian ownership. AFP notes that as Serbia seeks to avoid a winter energy crisis following the delayed enforcement of U.S. sanctions, Serbian authorities are increasingly discussing the potential nationalization of NIS—an option they initially rejected because of close ties with Moscow.
NIS stated on Tuesday that without crude oil deliveries, the Pančevo refinery would be forced to shut down completely by the end of the week. President Aleksandar Vučić said the company has secured enough fuel stocks to last until the end of the year, supported by additional state reserves.
According to AFP, Vučić has given Russian shareholders and potential buyers—including candidates from Hungary and the UAE—50 days to reach an agreement that would meet the U.S. demand to remove Russian capital from NIS. Serbian officials have also mentioned a draft law that would allow the state to take control of the company if necessary. AFP adds that NIS requested a temporary suspension of U.S. sanctions last week to allow negotiations to continue, but Washington has not yet responded.
