Euras Technology

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  • U.S. denies license for NIS, fuel market faces uncertainty in Serbia

    Washington has denied Serbia’s request for a license allowing Naftna Industrija Srbije (NIS) to continue operations while negotiations over a change of ownership are ongoing. Unless the situation changes, payment transactions with NIS will be suspended starting Monday, December 8. Serbian authorities note that the Russian majority shareholder has been given sufficient time until the end of this week to settle obligations to employees and suppliers. After that, the National Bank of Serbia and other financial institutions will not risk exposure to potential secondary sanctions from the U.S. State Department.

    The primary concern for the Serbian public is how the suspension of payment transactions will affect the domestic fuel market. Nikola Rajaković, president of the Serbian Energy Association, stated that the payment suspension effectively signals the end of NIS operations. NIS would quickly be unable to function and could not meet drivers’ fuel needs until a new owner takes over. While the remaining days of payment transactions allow NIS to settle obligations to suppliers, the temporary loss of a key partner poses significant challenges for the Serbian economy.

    Energy expert Velimir Gavrilović noted that fuel stations may continue operating, but only cash payments will be accepted. He explained that NIS management is likely to keep stations open until existing stock is sold, as electronic transactions will not be possible. Practically, the company can only sell fuel for cash while supplies last. If banks cease operations with NIS, the company could face bankruptcy, as Serbian law allows for insolvency proceedings in cases of prolonged or imminent inability to pay. In such a scenario, the state would appoint a bankruptcy trustee, taking over management, while Russian ownership remains intact for creditor settlements. Whether this would satisfy the U.S. Office of Foreign Assets Control (OFAC) for license approval remains uncertain.

    NIS has stated that corporate card payments remain functional and that contractual obligations to corporate clients continue. Fuel sales at retail stations are ongoing, with payments accepted in cash, Dina cards, or via mobile banking using the “IPS Pokaži” option. The company confirmed that it is committed to maintaining stable fuel supplies and closely monitoring the situation.

    President Aleksandar Vučić assured that Serbia has fuel reserves sufficient until the end of January, although drivers may need to use other fuel stations. NIS stations account for 47% of domestic fuel sales, making a potential shutdown particularly challenging. Serbia has 204,000 tons of diesel, 18,500 tons of gasoline, and 54,500 tons of fuel oil in reserve, with annual mazut consumption at around 44,000 tons. Experts warn that reserves should not be fully depleted by the end of January to ensure some supply for later needs. Companies with fuel stations may need to import from the region to maintain market supply. When NIS stations stop operating, drivers will have to turn to other retailers, potentially causing long lines, shortages, and higher retail fuel prices.

    Gazprom Neft, the majority owner of NIS, stated that the company is adjusting operations in response to U.S. sanctions effective since October 9. NIS continues crude oil production, accumulating small reserves insufficient for full processing. Production and commercial activities are ongoing in a limited format, considering external constraints. Gazprom Neft emphasized that NIS management, with support from the Serbian government, is making every effort to minimize external impacts, ensure stable product delivery, and remain a reliable partner and responsible employer.

    Earlier, Serbian authorities requested that OFAC issue a license for NIS to operate for 45–60 days. President Vučić stated that if Moscow does not reach a sale agreement within 50 days, the Serbian government would take over management and offer Russian partners the highest possible price. Moscow confirmed ongoing negotiations with foreign partners regarding NIS ownership, while Washington authorized negotiations concerning the exit of Russian capital until February 13. The U.S. imposed sanctions on NIS on January 10 due to majority Russian ownership, with the embargo taking effect on October 9 after several delays.

  • Serbians increase borrowing as lower interest rates boost demand for loans

    In Serbia, citizens most often take loans for vacations, education, home renovations, and cars, with the largest debt stemming from cash and mortgage loans. As interest rates have decreased, the reasons for borrowing have expanded. Real estate expert Ervin Pašanović notes that the number of apartment buyers using mortgage loans has risen by a third compared to last year, emphasizing that purchasing property on credit provides security throughout the process.

    Since banks in Serbia introduced lower interest rates for consumer, cash, and mortgage loans for employees earning up to 100,000 dinars and for senior citizens, over 158,000 loans have been approved in just under three months, according to the National Bank of Serbia. Cash loans remain the most popular throughout the year, with December seeing a peak in demand due to the upcoming holidays, winter breaks, and celebrations. The average cash loan is approximately €8,000, with a maximum repayment period of 71 months.

    Among borrowers, 60% are employed citizens and 40% are pensioners. Uglješa Džambić from the National Bank highlighted that 75% of loans were refinanced, while 24% were new cash loans, and 1% were consumer or mortgage loans. Banks report that loans are being repaid on time, and the default rate is currently at a record low.

    Pašanović points out that mortgage-backed property purchases have increased by 36%, providing stability in the real estate market. He stresses that buying property on credit ensures a secure process, as banks will not approve loans for overvalued or undervalued properties.

    For strategic investments, Pašanović recommends focusing on properties near planned metro stations, citing Surčin as an example, where prices have already tripled following the metro announcement. He emphasizes that there is no guaranteed formula for success, and that high risk often comes with high returns, making careful business and risk analysis essential.

  • EBRD marks €10 billion investment milestone in Serbia

    The European Bank for Reconstruction and Development (EBRD) announced that it has reached a significant milestone in Serbia this year, having invested over €10 billion in the country since 2001 through nearly 400 projects.

    In Belgrade, the bank has financed the Gazela and Ada bridges, public utility services, and the renovation of public buildings, as well as two major public-private partnerships – the airport and the waste-to-energy project in Vinča.

    “We are very proud of this milestone and the many impactful projects over the years, which demonstrate the strength of our partnerships in Serbia and the dedication of our growing team in Belgrade,” said Matteo Colangeli, EBRD Regional Head for the Western Balkans.

    He noted that in the past three years, the EBRD has expanded its operations, reaching around €800 million annually, with significant funds mobilized from donors and other investors.

    “We plan to continue expanding our presence in the country, helping to accelerate growth, enhance competitiveness, and promote a resilient and sustainable economy,” Colangeli added.

  • Serbia’s economic potential hinges on key reforms and EU support, says EU Ambassador

    The European Union Ambassador to Serbia, Andreas von Beckerath, highlighted that Serbia possesses enormous economic and business potential, but emphasized that realizing this potential requires accelerating key reforms. He spoke at the opening of the “Serbia Investment Compass” conference, organized by the Council of European Business Associations and Chambers (CEBAC) at the Italian Embassy.

    Von Beckerath noted that Serbia has opportunities in IT, agriculture, biotechnology, and a growing startup ecosystem. However, for these opportunities to translate into tangible growth, it is crucial to implement reforms, particularly in rule of law, judiciary efficiency, and creating a better business environment by reducing bureaucracy and limiting excessive state intervention in the market.

    Regarding EU accession, he mentioned that the European Commission has confirmed that Serbia has met the conditions for opening Cluster 3 in the negotiations, but the final decision lies with the member states. These countries will review Serbia’s obligations, especially in areas of fundamental rights, rule of law, energy policy, alignment with the EU’s common foreign and security policy, and the dialogue with Kosovo. Von Beckerath stressed that the business community supports the same reforms as the EU, and that these reforms are ultimately for the benefit of Serbian citizens.

    On the energy front, von Beckerath emphasized that it is clear Russia is not a reliable energy supplier for Serbia. In contrast, the EU offers strong support for diversifying energy imports, including oil and gas. He cited the formation of a joint energy working group following European Commission President Ursula von der Leyen’s visit to Serbia, which has already met several times to coordinate energy strategies.

    Von Beckerath also highlighted EU support for small and medium-sized enterprises (SMEs), noting that a dynamic private sector is key to Serbia’s socio-economic development, fostering prosperity, competitiveness, and creating new jobs. So far, Serbian companies have benefited from over €250 million from EU IPA funds, mobilizing approximately €2.5 billion in total investments through regional programs and international financial institutions.

    The Italian Ambassador to Serbia, Luca Gori, noted that Serbia is undergoing change, with new sectors gaining importance, including energy transition, green technologies, artificial intelligence, agriculture, and agrotechnology. He stressed the need to create a favorable environment, supported by Serbian authorities, to ensure that EU support has maximum impact.

    Gori emphasized that reforms linked to Serbia’s EU accession process remain the most effective way to improve the business environment, and the EU fully supports Serbia on this path. He underlined that supporting SMEs is not only an economic priority but central to the shared vision of a prosperous, integrated, and stable Europe, with Serbia as a future EU member.

  • Serbia maintains stable fuel supply amid NIS sanctions and Lukoil license extension

    In Serbia, the supply of petroleum products remains stable, though uncertainty persists due to sanctions on NIS. Trade unions are demanding explanations from NIS management regarding the company’s future operations.

    Washington has extended Lukoil’s license to operate until April 29, applicable to the company’s foreign subsidiaries. This marks the 58th day since U.S. sanctions on the majority Russian-owned Naftna Industrija Srbije (NIS) came into effect. The license, effective from December 4, allows Lukoil’s foreign branches to continue operating.

    “This means that all 112 fuel stations in Serbia will be able to operate using imported petroleum products,” said President Aleksandar Vučić in an interview with TV Pink.

    He also highlighted that Serbia will not face gas supply problems, noting that a short-term agreement with Russia is expected to be signed soon.

    Energy Minister Dubravka Đedović Handanović emphasized that the situation with NIS is monitored daily and evolves constantly. The main priority remains ensuring security of supply, which she discussed with representatives of energy companies MOL, OMV, EKO, and Knez Petrol.

    Despite almost two months without crude oil deliveries, the minister noted that citizens and businesses have not felt a disruption.

    Energy cooperation with Russia was a key topic during Vučić’s meeting with Russian Ambassador Aleksandr Bocan-Harčenko, where discussions focused on gas supply, infrastructure projects, and strategic bilateral initiatives.

    The shutdown of the Pančevo refinery has caused concern among NIS employees, prompting unions to demand clarity from management on how the company will operate under sanctions. The union confirmed to RTS that they requested detailed explanations regarding company operations and salary payments, especially considering potential bank account blocks due to secondary sanctions.

  • Serbia secures gas supply with Russia, confident in energy stability despite sanctions

    Serbian President Aleksandar Vučić stated that Serbia will not face problems with gas supply, as a short-term agreement with Russia on gas deliveries is expected to be signed soon.

    “We expect the short-term gas supply contract to be signed soon at good prices. Certainly, we will not have any gas shortages until summer, which is good news for citizens,” Vučić told TV Pink.

    He also highlighted that it is positive that the United States has extended the license for Russian Lukoil until April 26 next year.

    “Lukoil operates 112 fuel stations in Serbia and will be able to function with imported petroleum products,” said Vučić.

    He noted that Lukoil stations are evenly distributed across Serbia, with only 9% located in Belgrade.

    Regarding the possibility of secondary US sanctions on the National Bank of Serbia and commercial banks if payment transactions are made with Naftna Industrija Srbije (NIS), which is under US sanctions, Vučić stated that there will be a payment risk for some time.

    “The American logic is to pursue their interests regardless of the cost for Serbia, while the Russian approach is to pursue their interests to the end. They haven’t imposed sanctions on Americans, they claim, and that is true—but neither have we, and we are not obliged to suffer because of their relations,” he added.

    Vučić expressed pride in the country, noting that for 55 days no oil arrived through the pipeline, the Pančevo Refinery was closed, yet there were no problems with petroleum product supply.

    “We face a thousand technical problems, but I must be proud of the people working hard. We have filled all reserves, and someone had to pay for that. We brought inflation down to 2.7% in November and entered the target range. We also managed to increase pensions significantly,” he said.

    He reiterated that Serbia will not face petroleum product supply issues until January 15, though the situation afterwards is uncertain.

    “I am confident that the Russians, in talks with partners, will agree on the transfer of NIS ownership in line with US sanctions,” Vučić said.

    He added that Serbia’s growth may slow due to sanctions on NIS, which could result in smaller increases in pensions and salaries if sanctions are not lifted.

    “Next year could be the best in history regarding Serbia’s transformation, living standards, and infrastructure projects. We are concerned, working diligently, and we will resolve the problems,” Vučić concluded.

  • Mitigation Measures in South-East Europe: The New ESG Framework for Modern Mining

    In South-East Europe, mitigation measures have evolved into a sophisticated and multi-dimensional toolset for modern mining. Technical interventions now include advanced water-recycling systems, dry-stack tailings, biodiversity offsets, progressive land rehabilitation, air-quality monitoring, and publicly accessible environmental dashboards. Companies also invest in community programs, vocational training, local procurement, and regional infrastructure, ensuring that mining benefits extend beyond the operation itself.

    Yet technical solutions are only part of the picture. Social mitigation is equally critical. Successful projects prioritize building trust before breaking ground. Companies collaborate with local communities to co-create development plans, share risks, and transparently distribute economic and social benefits.

    Governance mitigation forms the third pillar. Mining firms are increasingly establishing internal ESG committees, publishing detailed sustainability reports, implementing whistleblower protections, and ensuring that local authorities and community representatives have access to the same information as national regulators.

    In today’s South-East European mining landscape, mitigation is no longer merely a defensive measure. It has become the fundamental framework shaping project design, community relations, and investor confidence. Companies that excel in technical, social, and governance mitigation position themselves for long-term success in a region where ESG performance dictates legitimacy and opportunity.

  • The Road Ahead: South-East Europe at the Crossroads of Mining Opportunity and Public Scrutiny

    South-East Europe stands on the brink of becoming a key supplier of critical raw materials for the European Union. Yet the region’s future will be determined not by geology alone, but by governance, social trust, environmental stewardship, and alignment with global investor expectations.

    If countries in the region modernize regulatory frameworks, strengthen environmental oversight, engage transparently with local communities, and implement world-class ESG standards, they can attract billions in sustainable mining investment. Conversely, failure to meet these benchmarks risks ceding strategic opportunities to nations with more robust institutions and predictable governance.

    Today, mining in South-East Europe is more than an industrial pursuit—it is a nation-building enterprise. Success requires political acumen, engineering excellence, community partnership, and financial discipline. The coming decade will decide whether the region emerges as a strategic pillar of Europe’s critical raw-material economy or remains trapped in a cycle of missed opportunities, public distrust, and underdeveloped potential.

  • The ESG Financing Divide: How Clean Mining in Europe Is Winning the Battle for Global Capital

    The flow of investment capital into mining is being fundamentally reshaped. Money is no longer chasing volume alone—it is following credibility. Across global markets, capital is concentrating around mining companies that can prove strong environmental, social, and governance performance, while operators that fail to meet rising ESG standards are increasingly shut out. For Europe’s miners, this shift brings a powerful mix of opportunity and mounting financial pressure.

    Banks, private equity firms, and institutional investors are rapidly tightening their funding requirements. Today, access to competitive financing depends on the ability to disclose detailed ESG metrics, demonstrate credible decarbonization strategies, and show tangible, long-term engagement with local communities. Companies that cannot meet these benchmarks face higher interest rates, shrinking equity demand, and in some cases complete exclusion from sustainable finance frameworks that now dominate large segments of European capital markets.

    This growing financing divide reflects a deeper change in investor behavior. ESG performance is no longer viewed as a soft ethical preference—it is increasingly treated as a hard indicator of long-term financial stability. Mines with strong environmental controls experience fewer operational disruptions, lower regulatory penalties, and greater predictability in output. By contrast, companies with weak governance or poor environmental practices face elevated risks of litigation, permitting delays, community opposition, and reputational damage that can rapidly erode shareholder value.

    In Europe, mining finance has become a competition for credibility as much as for resources. ESG performance now functions as a new form of financial collateral—one that can unlock capital even in volatile markets. Companies that combine clear environmental strategies with transparent governance and durable community relationships are emerging as the preferred partners for the next wave of mining investment.

    As the global minerals race accelerates, Europe’s cleanest and most accountable mines are increasingly setting the investment standard. In a world where capital is both mobile and selective, ESG excellence is no longer a branding exercise—it is the gateway to growth.

  • New residential complex with modern amenities and eco-friendly design planned for Kotor’s Lastva settlement

    A residential complex is planned for construction in the Kotor settlement of Lastva, which will consist of six buildings with a total of 99 residential units. All buildings will have basement levels, ground floors, and two upper floors, with a total gross area of 12,728 square meters.

    This project is being led by Aura Vittalis, a company based in Budva, which also obtained approval from the Chief State Architect for the conceptual design developed by the Podgorica-based studio A12 Project. It is worth noting that this company is also planning to build a tourist complex in Lastva, including 12 villas and a restaurant.

    The complex will be built on multiple cadastral plots covering a total area of 6,872 square meters, within the Lastva cadastral municipality. The residential buildings will consist of six separate structures, each with a layout of 2PO+G+2 (basement, ground floor, and two upper floors), creating a functional and architecturally cohesive whole. Each building will have direct access from the main two-way secondary road, ensuring excellent traffic connectivity and ease of access for all residents.

    The complex will be purely residential, with apartments of various sizes and layouts spread across the ground floor and upper levels. Basement and underground levels will house technical rooms and parking facilities.

    As previously mentioned, there will be a total of 99 apartments, designed to meet a range of residents’ needs. These include studio apartments, one-bedroom, and two-bedroom apartments, all with a well-thought-out room arrangement, maximum functionality, and optimal lighting. Building C will have 20 apartments, with six units on the ground floor, including one two-bedroom apartment, three studios, and two one-bedroom apartments. The first and second floors will each contain seven apartments, with one two-bedroom apartment, five studios, and one one-bedroom apartment.

    Building D will have 21 apartments, with eight units on the ground floor, including seven studios and one one-bedroom apartment. The first floor will have five studios and two one-bedroom apartments, while the second floor will consist of four studios and two one-bedroom apartments.

    Building E will have 18 apartments, with six units on each floor. The ground floor will include two studios and four one-bedroom apartments, while the first floor will have three studios and three one-bedroom apartments. The second floor will contain four studios and two one-bedroom apartments.

    Building F will feature 16 apartments, with four units on each floor, including two studios and two one-bedroom apartments. Building G will have a total of 14 apartments, all of which are studio apartments. Four studios will be located on the ground floor, and five will be on each of the first and second floors.

    The last building, H, will have 15 apartments, with five units on each floor. The ground floor will have three studios and two one-bedroom apartments, while the first and second floors will each feature two studios and three one-bedroom apartments.

    The document outlines that the proposed design ensures smooth movement for both vehicles and pedestrians within the complex, adhering to modern urban planning principles. Two ramps leading to the underground garage are planned on the side of the plot, allowing for functional and safe use of parking spaces without interfering with pedestrian areas. In accordance with contemporary urban planning principles, the entire ground area will be carefully landscaped to accommodate the various needs of the residents. All traffic and pedestrian surfaces will be paved, with special attention given to the visual identity of the space.

    The central part of the complex will be designed as a micro square with a bio-pool, which not only serves an aesthetic function but also contributes to microclimatic regulation, creating a pleasant environment for residents and visitors.

    To ensure sufficient parking spaces and reduce traffic congestion within the complex, special attention has been paid to the organization of parking areas. A total of 116 parking spaces will be provided, nine of which will be reserved for people with reduced mobility. The design of the complex aims to create a balance between functionality, aesthetics, and sustainability, offering residents a comfortable and high-quality living experience in an urban environment. Additionally, the integration of green spaces, pedestrian zones, and the micro square with the bio-pool enhances the quality of life within the complex, making it a modern and adaptable space for contemporary urban living.

    A green roof is also planned, contributing to the ecological sustainability of the complex. In addition to improving energy efficiency by reducing heat gain in the summer and heat loss in the winter, the green roof also helps create a more pleasant urban environment by providing additional visual quality and potential spaces for recreational and social activities. The landscaping of the complex is designed to integrate all the elements of the space into a cohesive whole, with functionality, microclimatic sustainability, and aesthetic harmony as key design principles.

    At the heart of the complex, a square has been designed as a shared space for interaction and recreation. Its orientation and architectural features have been carefully designed to match the natural movement of the residents. As the square is accessible from all sides, it allows for smooth movement from any part of the complex, encouraging fluidity and spontaneous gathering points.

    A special emphasis is placed on the bio-pool, which serves as the central feature of the square, both functionally and visually. Positioned at a strategic point, it offers an open view of the bay’s hinterland, providing a unique spatial experience. The bio-pool is not just an aesthetic feature but also an integral part of the complex’s ecological sustainability concept, contributing to improved microclimate, increased humidity, and reducing the urban heat island effect.

    The complex will be constructed in phases. The first phase will include the construction of buildings C and D, as well as the first two garage spaces, providing adequate parking infrastructure at the early stages of the project. The construction of buildings E, F, G, and H will follow. The third phase will involve the construction of the third garage, linking buildings E, F, G, and H, creating synergy between residential units and parking areas.

    The final phase will focus on the completion of the central square, which will be a key element of this urban development. The approaches to the square will be paved with local stone, used as an authentic and natural material, harmonizing with the surrounding environment and emphasizing the connection with local tradition and landscape. This final stage aims to create a space that is functional, aesthetically pleasing, and aligned with the community’s needs, transforming it into a gathering and relaxation area for all users.