Serbian President Aleksandar Vucic has warned that the Pancevo oil refinery, the only one in Serbia, may shut down in four days unless the US lifts sanctions imposed due to its majority Russian ownership. Vucic has given Gazprom and Gazprom Neft 50 days to sell their 56.2% stake or face state takeover. The sanctions have disrupted crude supply and affected operations, leading to the refinery being put on ‘hot standby’. Despite having short-term fuel reserves, a complete shutdown could harm Serbia’s economy and energy supply.
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