Why did Serbia's fuel imports drop to just 25% of the monthly target in July?

Serbia's fuel imports dropped to 25% of their monthly target for July because record-low water levels on the Danube River severely restricted barge deliveries, forcing vessels to operate at only 30% to 40% of cargo capacity.

What is the significance of the NIS refinery in Pancevo for Serbia's fuel supply, and what is at stake if its U.S. sanctions waiver expires on July 31?

The NIS refinery in Pancevo—owned by Russian firms Gazprom Neft and Gazprom, sanctioned by the U.S. Office of Foreign Assets Control (OFAC)—is critical, meeting around 80% of Serbia's fuel demand; if its OFAC waiver, which allows crude imports via Croatia's Janaf pipeline, expires on July 31 without extension, Serbia's fuel supply would depend entirely on state strategic reserves.

Serbia's fuel imports drop due to low Danube levels, energy minister says

Jul 22, 2026

Serbia's fuel imports dropped sharply as low Danube levels disrupted barge deliveries, increasing reliance on the sanctioned NIS refinery and raising prices. Supply stability remains uncertain as OFAC sanctions waivers for the critical facility expire on July 31.

reuters

2026-07-22

Serbia's fuel imports drop due to low Danube levels, energy minister says

2026-08-04

Serbia to open refinery to other firms to secure fuel supplies

2026-08-28

Serbia Secures Further Sanctions Waiver for Russian-Owned NIS Oil Firm

Serbia's fuel imports drop due to low Danube levels, energy minister says

FAQ