According to Serbian Economist, Serbian oil and gas company NIS has announced the signing of a contract to import the first batches of oil via the Adriatic oil pipeline (JANAF) for the refinery in Pančevo and preparations to resume processing after a shutdown in early December 2025 due to a shortage of raw materials amid sanctions restrictions.
According to Reuters, the first shipment includes about 85,000 tonnes of Iraqi Kirkuk oil, followed by a smaller batch of Libyan Es Sider. These volumes will keep the plant running for at least a few days, and Serbian President Aleksandar Vučić has predicted that the refinery will be able to resume operations on 17-18 January, with the production of petroleum products likely to begin on 25-26 January.
The resumption of imports became possible after the US Treasury’s Office of Foreign Assets Control (OFAC) issued a temporary licence allowing NIS to continue operating until 23 January 2026. Reuters also reported that a separate licence had been issued to the operator JANAF to transport oil for NIS for the same period.
The situation surrounding NIS remains linked to negotiations on changes to its ownership structure. The US is awaiting negotiations on the withdrawal of the Russian share, with the deadline for the negotiation process extended to 24 March 2026, and Hungarian company MOL is named as one of the participants in the discussions.
NIS is a key player in the Serbian fuel market: the company owns the country’s only oil refinery (Pančevo) and the largest network of petrol stations, so any disruption in the supply of raw materials directly affects the balance of the petroleum products market and Serbia’s import needs.
Purchase prices for sunflower seeds in Ukraine have fallen due to the suspension of oil and meal exports as a result of the Russian strike on the oil extraction plant (OEP) in the port of Pivdennyi, according to the Electronic Grain Exchange.
According to the exchange, Ukrainian processors have sharply reduced their purchase prices for sunflower seeds due to damage to the vegetable oil transshipment terminal at the oil extraction plant, the suspension of maritime exports, and the increased risk of attacks on other plants.
“Purchase prices for sunflower seeds yesterday (Monday – IF-U) fell by 1,000-1,300 UAH/t to 27,000-27,500 UAH/t, or $560-570 per ton (excluding VAT) with delivery to the plant,” the exchange said.
Currently, processors have sufficient stocks of sunflower seeds, experts said, but the suspension of maritime exports will force them to reorient exports across the western border, as was the case in 2022, which will increase logistics costs.
As reported, on the night of December 22, the Russian army attacked the port and energy infrastructure of the Odesa region, resulting in containers with flour and oil catching fire. As a result of the attack on December 23 on the port infrastructure of Odesa, a ship flying the Lebanese flag, which was transporting Ukrainian soybeans, was also damaged.
The difficult situation in the ports of Odessa and logistics problems are limiting activity in the oilseed sector in Ukraine, according to the information and analytical agency APK-Inform.
“Russian army missile attacks on Ukrainian ports, damage to terminals, warehouses, and other infrastructure will cause a reduction in shipments in the coming months and may destabilize the situation on the global agricultural market,” analysts explained.
They noted that last week, price growth on the Ukrainian soybean export market stalled, which was due to both missile attacks on ports and pressure from the global market, despite the fact that demand for Ukrainian soybeans remained quite high and export rates grew in the first half of December.
Experts added that demand prices for GM soybeans in Ukrainian ports remained at their highest levels since August 2024 – $420-425 per ton (CPT port).
“The European Union has finally postponed the implementation of the EUDR regulation for another year, which will allow companies to increase supplies of soybeans and soybean meal in this direction,” APK-Inform predicts.
The cost of 12 lean dishes for the 2025 Christmas table is 913.57 UAH, which is 11% more than last year, according to the Ukrainian Agribusiness Club (UACB)
“Food prices on the eve of the Christmas holidays show mixed trends: thanks to a record drop in vegetable prices, the cost of some traditional dishes has decreased, but the total cost of the Christmas table has increased due to the rise in prices for fruit, fish, and groceries,” the association explained.
Analysts noted that a distinctive feature of this winter season was “vegetable deflation.” Thanks to a good harvest, prices for vegetables used in borscht have fallen significantly: cabbage has fallen in price by 73%, carrots by 63%, onions by 58%, potatoes by 54%, and beets by 51%. This has led to significant savings in the preparation of dishes such as cabbage dumplings (their cost has fallen by 47%), potatoes with garlic (-40%), and vinaigrette (-18%). Even lean borscht will cost 18% less this year than last year.
At the same time, the main symbols of the Christmas table – kutia and uzvar – have noticeably increased in price, according to the UACB. The kutia index rose by 37%. This is due to the rise in prices of all its components: nuts jumped in price by 60%, honey by 40%, and poppy seeds and raisins by more than 30%. The ingredients for uzvar led the way in terms of price growth: prunes rose in price by 168%, dried pears by 140%, and apples by 110%, which led to a 150% increase in the price of the drink.
Fish dishes also became more expensive: the cost of herring rose by 24%, and fish (hake) for baking – by 25%. In addition, the final cost of dishes is influenced by sunflower oil, which is a basic element of the Lenten table and has risen in price by 22% over the year.
As for meat dishes (for those who do not observe Lent or are already preparing for the New Year), their preparation is more expensive than last year. Baked pork neck will cost 7% more (330 UAH/kg). Lard is outpacing the growth in meat prices – over the year, the product has increased in price by 16% and costs 272 UAH/kg. The cost of meat borscht has increased by 27%, reaching 196 UAH, with pork ribs accounting for over 60% of the price (119.5 UAH per 500 g). Chicken prices are rising due to the increase in feed costs, while pork prices are stabilizing due to imports.
Sliced cheese will be one of the most expensive items on the New Year’s table—700 UAH/kg, which is 40% more than last year. Despite the general trend of declining wholesale prices for raw milk, producers are maintaining high prices for cheese and butter due to expensive energy resources. Eggs, which are essential for Olivier salad, rose by 10% compared to the same period last year and reached 81.6 UAH per dozen, according to the UACB.
The vast majority of European countries in 2022-2024, before President Donald Trump returned to the US presidency in January 2025, bought much more oil and gas from Russia than they provided support to Ukraine, said US Deputy Secretary of State Christopher Landau.
“I knew that many of these countries had tied their energy fortunes to Russia, but I had no idea of the scale of this or how much (collectively) it overshadowed their aid to Ukraine,” he wrote on social media on Saturday.
Landau illustrated his post with a chart provided to him by the US State Department. He specified that he had requested this data in connection with his trip this week to a meeting of NATO foreign ministers, replacing Secretary of State Marco Rubio. After the meeting, Landau sharply criticized the EU countries.
According to the chart, only five of the 24 European countries provided Ukraine with financial assistance (grants and loans) that exceeded Russia’s payments for oil and gas: the United Kingdom, Denmark, Sweden, Norway, and Switzerland. In the case of Switzerland, there are no oil and gas payments to Russia, while in the case of the Scandinavian countries, they are small – up to $1 billion, with aid to Ukraine ranging from $5 billion to $10 billion (here and below are approximate figures, as the chart does not contain exact data). Overall, Denmark, Sweden, and Norway ranked 3rd, 6th, and 8th, respectively, in terms of aid to Ukraine among the 24 countries listed.
And even in the case of the UK, which paid Russia about $3.5 billion for hydrocarbons, this is still much less than the aid provided to Ukraine, which is estimated at $15 billion — the second highest figure among the 24 countries.
Finland’s aid to Ukraine and purchases of Russian oil and gas are roughly equal, while in the case of Lithuania and Latvia, oil and gas payments to Russia already exceed aid to Ukraine, according to the US State Department’s estimates. (Estonia is not included in the chart, as are other countries whose aid or hydrocarbon imports from Russia during this period were less than $1 billion.
Germany, Ukraine’s largest European donor with approximately $17.5 billion in aid, purchased $20 billion worth of Russian oil and gas in 2022-2024. The Netherlands, which ranks fourth on the list of aid with approximately $8.5 billion, imported nearly $5 billion worth of hydrocarbons from Russia.
In France, this ratio is approximately $6 billion against more than $20 billion, in Poland $5.5 billion against $12 billion, and in Italy $3 billion against $27.5 billion: this is the 10th indicator in terms of aid to Ukraine and the 2nd in terms of imports from Russia.
The absolute record holder in this regard is Turkey, whose financial support to Ukraine is difficult to estimate even at $0.2 billion, while purchases of Russian oil and gas amount to about $32 billion.
Hungary, with even smaller amounts of aid, sent Russia about $22 billion for oil and gas, and Slovakia sent about $18 billion, although its support for Ukraine can be estimated at approximately $1.5 billion.
The Czech Republic’s financial assistance to Ukraine in 2022-2024 is about $1 billion, according to the US State Department’s estimates, which is also much less than the volume of Russian hydrocarbon purchases, which amounted to about $15 billion. Spain looks better in terms of these indicators
— $2 billion versus $12 billion — as does Bulgaria — $0.5 billion versus $9 billion.
According to the Serbian Economist, Serbia has not received a special license from the U.S. OFAC to continue the work of the company NIS, which has fallen under U.S. sanctions. This was announced by Serbian President Aleksandar Vucic. He also said that Serbia has decided to completely shut down the Pančevo refinery.
Since November 25, the NIS refinery has been operating in a reduced circulation mode due to a shortage of oil. Vucic noted that NIS will decide when to complete the shutdown of the refinery.
Earlier it was reported that the Serbian parliament is preparing an amendment that would allow Serbia to become the owner of NIS. A possible sale of 56.15% of NIS shares to Hungarian partners is also being considered.
NIS, a subsidiary of Gazprom Neft, was included in the US SDN List in 2025.
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