Serbia is now racing to keep its only refinery operating after banks froze transactions linked to its ownership of Gazprom. President Aleksandar Vučić warned that without a quick solution, the plant could run out of crude within days. Other countries are taking more drastic steps: Romania and Bulgaria are preparing to nationalize their Russian-owned refineries after failing to find buyers. Energy analysts say these shifts demonstrate how quickly regional markets are adapting to the impact of sanctions. At the same time, new supply routes are emerging. Ukraine’s agreement with Greece could open the door to U.S. LNG flowing north through the Balkans this winter, while Poland is building a second LNG terminal in Gdańsk to support regional demand for years to come.