Sanctions on NIS and the Transformation of Serbia's Energy Sector: Challenges and Strategic Opportunities

Anđela Kostić

doi:10.62907/eemr250402062k

Authors

Anđela Kostić Faculty of Economics and finance, University “Union - Nikola Tesla“, Belgrade, Serbia Author

DOI:

https://doi.org/10.62907/eemr250402062k

Keywords:

Energy crisis, Serbia’s energy dependence, sanctions

Abstract

This paper focuses on the current situation in the Republic of Serbia as a consequence of the imposition of sanctions on the Oil Industry of Serbia (NIS). Since the 10th of January 2025. the imposed sanctions have intensified the potential energy crisis and consequences for the economy of the Republic of Serbia. In this article, using the method of descriptive analysis, challenges are described as the result of the current geopolitical, economic, and international relations. The focus is placed on the consequences of energy supply and the functioning of the refining sector, with a comparison to the sanctions imposed on Yugoslavia from 1991 to 1996. The article examines the possibilities of source diversification and source supply routes, as well as changes in ownership structure, as potential future development scenarios.

Downloads

Download data is not yet available.

References

1. Gajić, A. (2023). Geopolitički Položaj Srbije Nakon Otpočinjanja Rata U Ukrajini: Neutralnost Strateško Odvraćanje U Kriznom Kontekstu. Srpska Politička Misao, vol. 80, pp. 53-74, https://doi.org/10.5937/spm80-44267.

2. Anufrijev, A. & Mišić J. (2025). Geopolitičke implikacije energetske krize izazvane ratom u Ukrajini. Zbornik Univerziteta “Union - Nikola Tesla”.

3. Lazarevic, D. (8 Dec. 2025) Serbia’s Gas Future: Supply Routes, Market Fragility, Pricing Exposure and the Transition toward a New Regional Gas Order | Serbia SEE Energy Mining News. Serbia SEE Energy Mining News, https://serbiaenergy.eu/serbias-gas-future-supply-routes-market-fragility-pricing-exposure-andthe-transition-toward-a-new-regional-gas-order/.

4. Đurović, B. (8 Aug. 2023). Druzhba via Hungary – the Impact of the Construction of a New Oil Pipeline on Serbia’s Energy Security - Beogradski Centar Za Bezbednosnu Politiku. Beogradski Centar Za Bezbednosnu Politiku,

https://bezbednost.org/en/publication/druzhba-via-hungary-the-impact-of-theconstruction-of-a-new-oil-pipeline-on-serbia-s-energy-security/.

5. Velebit, V., Ivić, P., Jovanović A. (2025). Energy Resilience in the New Era: Serbia’s Path to Diversification| My Framer Site. Pupin.org, https://www.pupin.org/analysis/energy-resilience-in-the-new-era-serbia-s-path-todiversification.

6. Partners, JPM. (11 Sept. 2024). Oil & Gas Laws and Regulations in Serbia (2024). CEE Legal Matters, https://ceelegalmatters.com/oil-gas-2024/oil-gas-serbia-2024.

7. Peljto, S. (1 Dec. 2025). Utorak je dan d: kako bi eventualno gašenje rafinerije u Pančevu i petrohemije uticalo na srpsku privredu?” Dnevni List Danas, www.danas.rs/vesti/ekonomija/utorak-je-dan-d-kako-bi-eventualno-gasenjerafinerije-u-pancevu-i-petrohemije-uticalo-na-srpsku-privredu/.

8. Zhyhal, I. (20 Nov. 2025). Sanctions against Serbia’s Petroleum Industry Pose a Challenge for Vučić. New Eastern Europe, https://neweasterneurope.eu/2025/11/20/sanctions-against-serbias-petroleumindustry-pose-a-challenge-for-vucic/.

9. Naftna Industrija Srbije. (16 Aug. 2023). Akcije i vlasnička struktura - NIS Investitori.” NIS Investitori, ir.nis.rs/sr/akcie-i-dividenda/akcie-i-vlasnichka-struktura/.

10. European Council. (2024). EU Sanctions against Russia. Consilium, www.consilium.europa.eu/en/policies/sanctions-against-russia/.

11. Tutić, A., & Derdemez, I. (2025). Pravni okvir ekonomskih sankcija UN protiv SFRJ (1991-1996): analiza dugoročnih posledica na privredni razvoj država naslednica 2. Defendologija, vol. 56, https://doi.org/10.7251/DEFSR5625119T.

12. Internation Institute for Middle East and Balkan Studies. (3 Dec. 2025). What Are the Consequences of the Shutdown of Oil Refineries in Serbia? – Serbian Monitor. Serbian Monitor, www.serbianmonitor.com/en/what-are-the-consequences-of-the-shutdown-of-oilrefineries-in-serbia/.

13. Szyszczak, E. (10 Feb.2025). Sanctions Effectiveness: What Lessons Three Years into the War on Ukraine? - Economics Observatory. Economics Observatory, www.economicsobservatory.com/sanctions-effectiveness-what-lessons-three-yearsinto-the-war-on-ukraine.

14. Đukić, P., & Slaviša Đukanović. (2023). Konfuzija u energetskoj tranziciji – svet i Srbija danas. Energija, Ekonomija, Ekologija, vol. XXV, no. 3, pp. 17–23, https://doi.org/10.46793/eee22-3.17d.

15. Životić, I. (2025). Energetska bezbednost pod lupom Srbija i Zapadni Balkan. Energy security under the spotlight Serbia and the Western Balkans. Centar za stratešku analizu.

16. “Statistički Godišnjak Jugoslavije 1993.” ISBN 86-7479-021-6, Savezni zavod za statistiku, 1994, publikacije.stat.gov.rs/G1993/Pdf/G19932004.pdf.

17. “Statistički Godišnjak Jugoslavije 1994.” Savezni zavod za statistiku, 1994, tom 41.

18. Lazarević, D. (25 Nov. 2025). Serbia’s Oil Market: Navigating Supply Diversification, Major Players, and What New Investors Need to Know - Doing Business in Serbia - Serbia Business Country Gateway, Companies Industry Sectors. Doing Business in Serbia - Serbia Business Country Gateway, Companies Industry Sectors, serbia-business.eu/serbias-oil-market-navigating-supply-diversification-majorplayers-and-what-new-investors-need-to-know/?utm_source=.