ABSTRACT
Having set out the basics of Serbia's energy (in)security, this chapter examines several distinct time periods in Serbia's energy relations with Russia, which are, among other things, reflected in the presence or absence of middle companies in the supply of natural gas to Serbia. It then focuses on what became known in Serbia as the 'deal of the century', the Inter-Governmental Agreement between Serbia and Russia, signed in early 2008. Presented as a great triumph of Serbia's political leadership that would increase the country's energy security and bring huge investments and revenues, the deal was a huge gamble for Belgrade in which it ultimately lost out and increased its energy insecurity by handing over its oil and gas sector to Gazprom. The chapter concludes by addressing the puzzle of why the Serbian leadership embarked on this gamble and why it chose to sell the whole of NIS to Gazprom.
