Serbia and Hungary will build an oil pipeline to supply Russian oil to Belgrade

Alexey Gromov, Principal Director on Energy Studies of the Institute for Energy and Finance, commented to Business FM on the initiative of Serbia and Hungary to build an oil pipeline to receive Russian oil:

“For Serbia, this is, in fact, a no-alternative story, given that Serbia seriously fears that with the introduction of the European oil embargo, and especially with the accession of the European Union to the initiative to introduce caps on Russian oil prices, Serbia will be cut off from the supply of Russian oil, since while it does not have the opportunity to receive it through the Druzhba oil pipeline. Considering the relatively short distance that will need to be covered by the construction of an oil pipeline between Hungary and Serbia, I think that such a task is quite feasible, and these countries will be able to implement it, realizing that in the coming years, pipeline deliveries of Russian oil will not be subject to the sanctions regime of the European Union . So far, the European Union has no plans to impose sanctions on pipeline deliveries of Russian oil. For us, this means maintaining stable supplies to a country that is one of the few countries that is somehow trying to uphold common sense in the economic relations between Russia and Europe from the European side.”