The Serbian government has announced that Serbia will no longer be able to import Russian crude oil from 1 November 2022 as a consequence of the sixth package of EU sanctions against Russia. Around 50% of the country’s oil imports were met by Russia prior to the war in Ukraine.
Serbia said that its finances were resilient enough to secure alternatives to Russian energy to tackle potential supply shortages. Serbia has announced it plans to import oil from Azerbaijan starting in 2023 and plans on negotiating with Iraq and Venezuela for oil imports.
In addition, Serbia announced its intention to buy about 2 Mt of coal from China and Indonesia, as coal represents about 70% of Serbia’s power generation (2020).
In 2020, oil represented 22% of Serbia’s total primary energy consumption, behind coal (50%).
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