Story perspectives

Orbán and Vucic Discuss Cooperation Amid Sanctions Challenges

11/29/2025

Summary

Story summary

Viktor Orbán, Hungary's Prime Minister, and Aleksandar Vucic, Serbia's President, met in Subotica to discuss cooperation.
MOL is exploring a stake in NIS refinery under United States sanctions over Russian ownership.
MOL's chief of staff says ending Russian ownership is crucial for NIS's operations, which have not received oil recently.
Hungary is prepared to assist Serbia in this deal.
MOL's fuel exports to Serbia will increase significantly, domestic supply unaffected.

History

Historical Context

Hungary and Serbia have a long history of cooperation and conflict, dating back to the medieval kingdoms. In 2014, they signed a cooperation agreement to enhance economic ties, particularly in energy, as Hungary's MOL aimed to increase its stake in Serbia's NIS refinery. By 2023, trade between the two nations reached $3.3 billion, highlighting Hungary's strategic role in diversifying Serbia's energy sources amid geopolitical tensions.

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Story summary

Viktor Orbán, Hungary's Prime Minister, and Aleksandar Vucic, Serbia's President, met in Subotica to discuss cooperation.
MOL is exploring a stake in NIS refinery under United States sanctions over Russian ownership.
MOL's chief of staff says ending Russian ownership is crucial for NIS's operations, which have not received oil recently.
Hungary is prepared to assist Serbia in this deal.
MOL's fuel exports to Serbia will increase significantly, domestic supply unaffected.

1 / 2