Belgrade has argued that sanctions on NIS would jeopardise energy supply across the Balkans and worsen Serbia's economic outlook.
Hungary and Serbia are moving ahead with plans to build a new cross-border oil pipeline that could transport up to 5mn tonnes per year of crude, as both countries deepen energy ties with Russia despite EU sanctions.
CEE Bankwatch research reveals only €163.1mn of €1bn spent could be clearly linked to advancing the Green Agenda.
Serbia's ICT industry has become one of the country's leading economic drivers, with annual exports climbing from €375mn in 2012 to over €4bn in 2024.
Serbia continued to permit arms shipments destined for Ukraine to transit its territory even after receiving direct warnings from Moscow, according to a BIRN investigation.