Broker Branislav Jorgić warned that failure to resolve the issue surrounding Serbia’s oil company NIS, currently under U.S. sanctions due to Russian ownership, could become “the biggest economic blow to Serbia since the NATO bombing.” He stressed that Serbia’s top priority must be finding a solution for NIS.
Hungarian Foreign Minister Péter Szijjártó said that Hungary’s oil company MOL could theoretically take over part of NIS. Former oil company owner Nebojša Atanacković said MOL would be the best strategic partner and that Hungary may step in given the close relations between the two countries.
The Serbian government discussed NIS in a special session, referring several times to the term “special operation.” Energy Minister Dubravka Đedović Handanović explained that Serbia intends to allow Russia to choose a negotiating partner for selling its majority stake, after which the U.S. would need to approve the ownership change.
Experts note several complications: Hungary has only a temporary waiver from U.S. sanctions on Russian oil, faces pressure to reduce Russian energy imports, and Ukraine has threatened to block Russian oil flows to Hungary. Despite this, MOL remains one of the strongest potential buyers.
Jorgić said MOL could be a solution but emphasized that Serbia must ensure the right contractual terms and secure funds—estimating up to €1.8 billion may be required. Atanacković added that Serbia should avoid nationalization and that having a willing buyer is crucial. Both agreed that NIS’s minority shareholders, who hold 14% of shares worth about €500 million, must also be protected.
Hungary has also expressed interest in Lukoil’s refinery in Bulgaria. Analysts note that Bulgaria and Hungary are both exploring options related to Russian-owned assets under sanctions.
Beyond oil, Serbia faces potential gas supply issues. The existing agreement with Russia expires soon, and only short-term extensions are expected. Serbia also lacks critical infrastructure, including the North Macedonia interconnector and several domestic pipeline segments. President Vučić ordered these projects to be completed urgently.
Atanacković warned that Serbia needs a long-term gas contract, otherwise “we will be in serious trouble,” noting that Russia’s behavior in negotiations has recently been “unpredictable.”
