Russia may have largely lost its sway over Europe’s oil and gas market, but its position in the Balkans remains strong. The continued presence of Russian energy companies such as Gazprom and Lukoil in Serbia, Bulgaria, Greece, North Macedonia, and Bosnia-Herzegovina gives Moscow influence over the region’s politics and economy. Time, however, is not on Russia’s side. In the medium and long term, Moscow’s energy footprint will decline.
The Balkan section of the TurkStream gas pipeline continues to work at capacity, shipping over 12 billion cubic meters (bcm) of Russian gas per year. Its main customer is Hungary, which currently…
