Telekom Srbija, the state-controlled telecommunications operator, generated more than $2.5 million in reported lobbying-related revenue for its Washington representatives during the first nine months of 2026, according to an investigation by Raskrikavanje. The disclosures identify efforts involving telecommunications financing, cybersecurity and engagement with US government institutions as the company prepares to enter the American market.
Filings submitted under the US Lobbying Disclosure Act show that three firms — Continental Strategy, Valcour and Interlink Capital Strategies — represented Telekom Srbija in Washington. The institutions listed in their disclosures include the US State Department, Treasury Department, Department of Homeland Security, Export-Import Bank of the United States (EXIM Bank) and the Executive Office of the President.
The disclosed figures represent revenue reported by the lobbying firms for their work on behalf of Telekom Srbija. They do not necessarily establish the telecommunications operator’s total expenditure on lobbying, advisers, consultants and other forms of representation in the United States.
Three Firms Account for More Than $2.5 Million in Reported Revenue
Continental Strategy reported $841,936 in revenue from its Telekom Srbija engagement during the first three quarters of 2026. Its filings recorded $241,936 for the first quarter, followed by $300,000 in each of the second and third quarters.
The firm described its work as covering issues including financing through the US Export-Import Bank and cybersecurity threats. Its disclosures listed EXIM Bank, the Department of Homeland Security, the State Department and the Executive Office of the President among the institutions involved. The filings identified Doug McGillivray and Anthony Sola as lobbyists working on the engagement. However, the documents did not specify which individual officials were contacted, what particular requests Telekom Srbija made or what outcomes resulted from the discussions, Raskrikavanje reported.
Valcour disclosed a further $1.7 million in revenue linked to Telekom Srbija, reporting $850,000 for each of the second and third quarters of 2026. Its filings described the engagement in broader terms, referring to telecommunications matters and listing the State Department and Treasury Department among the US institutions involved. Valcour’s registration for the Telekom Srbija engagement became effective on June 17, 2026. The company nevertheless reported $850,000 in revenue for the second quarter, which ended less than two weeks after the registration took effect. According to Raskrikavanje, the disclosure did not explain the payment structure.
Interlink Engagement Covers 5G Equipment Financing
Interlink Capital Strategies, which has represented Telekom Srbija since 2024, has been involved in efforts to secure financing for telecommunications infrastructure. According to registration documents cited by Raskrikavanje, Interlink has assisted the operator in seeking financing for the purchase of 5G telecommunications equipment, potentially through a US commercial bank with support from EXIM Bank.
The filings connect the proposed financing with EXIM programmes designed to support foreign telecommunications operators purchasing equipment backed by US financing. They also refer to broader US efforts to strengthen American competitiveness against China in wireless communications. Interlink reported $50,000 in revenue from its Telekom Srbija engagement in the first quarter of 2024. For the first and second quarters of 2026, it disclosed revenue of less than $5,000 per quarter without providing exact amounts.
The firm’s mandate indicates that the Washington engagement extends beyond general representation, encompassing potential infrastructure financing and relationships with US institutions involved in telecommunications and technology.
Technology Expansion and Government Engagement
The lobbying disclosures indicate that Telekom Srbija’s Washington activities cover several areas connected with its international expansion, including its planned US market entry, financing for telecommunications equipment, cybersecurity and engagement with American government institutions and technology companies.
Raskrikavanje noted that the scale of the company’s lobbying engagements has not featured prominently in Telekom Srbija’s public statements about its expansion into the United States.
The reported amounts are based on filings submitted by the three lobbying firms under the US Lobbying Disclosure Act. The more than $2.5 million reported for the first nine months of 2026 therefore represents a minimum identifiable figure for lobbying-related revenue associated with Telekom Srbija, rather than a confirmed total of the operator’s US advisory and representation costs.
