Bosnia and Herzegovina’s gas importer Energoinvest will pay approximately 14.42% more for Russian natural gas during the third quarter of 2026 after Gazprom Export imposed a new contractual price.
The revised purchase price is estimated at approximately €0.50 per cubic metre. Federation Energy, Mining and Industry Minister Vedran Lakić said the adjustment was determined by Gazprom Export and was not negotiated or set by the Bosnian importer.
The increase adds another layer of cost pressure to a gas market that remains structurally exposed to a single supplier and limited physical import options. Bosnia and Herzegovina receives most of its gas through the eastern route connected to the Turkish Stream system, leaving the country vulnerable to changes in Russian contract prices and regional transmission conditions.
At €0.50 per cubic metre, the commodity cost is equivalent to roughly €47–€50/MWh, depending on the gas calorific value, before transmission, distribution, balancing, taxes and supplier margins. The final cost to industrial and district-heating consumers will therefore be materially higher.
The pricing decision strengthens the commercial rationale for the proposed Southern Gas Interconnection, which would connect Bosnia and Herzegovina to Croatia’s gas system and provide access to the Krk LNG terminal, European trading hubs and non-Russian supply. The project has advanced slowly because of political and institutional disagreements over ownership and system operation.
Diversification would not automatically guarantee cheaper gas. LNG prices, Croatian transmission charges and the cost of new infrastructure would all affect the delivered price. It would, however, introduce competitive tension into procurement and reduce the ability of a single supplier to dictate quarterly terms without an immediately available alternative.
The increase also matters for Sarajevo’s district-heating system and industrial consumers whose operating margins are sensitive to imported energy costs. Without alternative physical capacity, Bosnia’s negotiating position will remain weak even when wider European gas markets are adequately supplied.
