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6h ago

Serbia’s Pancevo Refinery Prepares for Shutdown as Vucic Sets 50-Day Sale Deadline

Washington authorized talks on a change of ownership, leaving operations constrained after crude supplies and payments were blocked.

Serbia is among the few European countries not to impose sanctions on Moscow over the war in Ukraine
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Overview

  • NIS confirmed the refinery is in “warm circulation” and Vucic said a complete halt is four days away without fresh crude.
  • The government says market supply is secure, citing 53,648 tonnes of gasoline and 89,825 tonnes of diesel in reserves plus approved imports of 66,000 tonnes of diesel and 38,000 tonnes of petrol.
  • OFAC issued a limited license reportedly valid until February 13, 2026 that allows shareholder negotiations but does not restore operational waivers.
  • Vucic warned of possible secondary sanctions affecting financial channels, and the National Bank of Serbia said it will stop working with NIS if no deal is reached within the 50-day window.
  • International Visa and Mastercard payments have been blocked at NIS stations, with cash and the domestic Dina card still accepted, after the waiver lapse also halted some bank processing and JANAF crude deliveries.