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Serbia's Pancevo Refinery Faces Shutdown Amid U.S. Sanctions

11/26/2025

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Summary

Story summary

Serbian President Aleksandar Vucic warned that the Pancevo refinery could shut down in four days due to U.S. sanctions on its majority Russian ownership.
He gave Gazprom and Gazprom Neft 50 days to divest or face a state takeover.
Sanctions have reduced refinery operations and could affect winter fuel supplies.
Russian oil revenues are projected to fall by 35% in November as sanctions and Ukrainian strikes disrupt exports.

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Story summary

Serbian President Aleksandar Vucic warned that the Pancevo refinery could shut down in four days due to U.S. sanctions on its majority Russian ownership.
He gave Gazprom and Gazprom Neft 50 days to divest or face a state takeover.
Sanctions have reduced refinery operations and could affect winter fuel supplies.
Russian oil revenues are projected to fall by 35% in November as sanctions and Ukrainian strikes disrupt exports.