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Hungary increases oil deliveries to Serbia as refinery shutdown threatens winter supply
Hungary has stepped up fuel shipments to Serbia as the Balkan nation faces the prospect of an energy crunch triggered by US sanctions on its majority-Russian-owned refinery. During a visit to Belgrade, Hungarian Foreign Minister Peter Szijjarto announced that energy company MOL has more than doubled its oil product exports since early November, with further increases possible in the coming weeks.
Szijjarto assured Serbian officials that Hungary would continue supporting its neighbor as it navigates a volatile winter. “Serbia can always rely on Hungary for its energy needs. We will not leave you on your own,” he declared following talks with his Serbian counterpart.
The crisis began on October 9, when long-anticipated US sanctions came into force as part of Washington’s broader measures targeting Russian energy assets following the 2022 invasion of Ukraine. Serbia’s only oil refinery, operated by the Petroleum Industry of Serbia (NIS), warned that it could be forced to halt operations entirely before the end of the week unless additional supplies are secured.
President Aleksandar Vucic previously indicated that Serbia has enough fuel reserves to last until the end of the year, with extra emergency stocks under government control. He has given Russian shareholders — along with potential buyers from Hungary and the United Arab Emirates — 50 days to negotiate a deal that would meet the US requirement for Russia’s complete withdrawal from the company’s ownership.
Officials in Belgrade have also mentioned a budget clause enabling the state to take over NIS should the situation escalate. The company has requested a temporary waiver from US sanctions to prevent a shutdown, but Washington has yet to issue a response.
Vucic warned that failure to resolve the ownership issue could lead to additional sanctions, potentially affecting the Serbian central bank if it continues processing transactions for NIS. Already, global Mastercard and Visa payments have been blocked at NIS fuel stations, with customers limited to cash or the domestic Dina card backed by the central bank.
As negotiations continue, the prospect of Serbia taking control of NIS — a move once dismissed due to Belgrade’s longstanding relations with Moscow — is emerging as an increasingly realistic option.
