Hungary will supply additional oil products to Serbia to help mitigate the impact of a looming refinery shutdown, Hungarian Foreign Minister Péter Szijjártó announced on Wednesday, November 26th. He added that MOL, Hungary’s energy company, had already more than doubled oil exports to Serbia since November, with further increases possible.
The Pančevo refinery, operated by Serbian firm NIS, faces a shutdown under U.S. sanctions targeting its majority-Russian ownership. Serbian president Aleksandar Vučić said the country has stockpiled enough fuel to last until the end of the year but warned that prolonged sanctions could trigger secondary measures affecting the central bank.
Negotiations continue with Russian stakeholders and potential buyers, including Hungary and the United Arab Emirates, as Serbia considers a temporary state takeover to secure energy supplies. Amid ongoing talks, the U.S. has yet to grant a waiver for NIS.
