After 14 years of rule by the Serbian Progressive Party (SNS), led by Aleksandar Vučić, Serbia decisively voted for the list proposed by Students in Blockade in the 25 October snap parliamentary elections. The result represents the biggest political change in Serbia in almost a decade and a half, and comes after almost two years of political crisis, mass protests and growing dissatisfaction over corruption, lack of transparency and weak state institutions.

While many see the election result as the closing of one political chapter in Serbia, the message from representatives of the Student List, analysts, as well as the general impression from election night, was that a new chapter is only beginning. At this point, it is still unclear in which direction it will take Serbia, particularly when it comes to foreign policy. The ideologically broad structure of the Student List, as well as the fact that the composition of the future government is still unknown, leave a number of questions open regarding the country’s future political direction.

Election day – High turnout, high tensions

Although Serbia has held elections almost every two years over the past 12 years, the pre-election atmosphere has rarely been as intense as ahead of the 25 October snap parliamentary elections. The elections came after almost two years of student protests and a year and a half after students first called for an early vote, while polls throughout the whole period indicated a close race between the SNS and the Student List.

Election day was marked by exceptionally high voter mobilisation, with final turnout of around 69%, one of the highest since the introduction of the multi-party system in Serbia in 1990. During voting, as in previous election cycles, irregularities, pressure on voters and several violent incidents were reported, further increasing tensions. As polling stations approached closing time, concerns over possible post-election clashes grew, particularly following reports of the deployment of riot police and gatherings of government supporters in central Belgrade.

However, after Vučić conceded the SNS defeat at around 9:30 PM and confirmed the Student List’s victory with more than 50% of the vote, election night passed peacefully and in a highly celebratory atmosphere, without any incidents.

Results and new parliamentary structure

According to the latest, still preliminary results of the Republic Electoral Commission (RIK), the Student List won 52.65% of the vote, while the Aleksandar Vučić – United Serbia list received 39.22%. According to current projections, the Student List will hold around 140 seats, the SNS 103, while the remaining seven seats will go to national minority parties – Hungarian, Albanian and two Bosniak parties.

This result creates a new political configuration in Serbia. The Student List will have a stable majority and the possibility to form a government without coalition partners, while the SNS will remain a very large and consolidated opposition force. The new government will therefore not depend on traditional coalition compromises, which have often contributed to inefficient governance in Serbian parliamentary practice. However, the absence of a two-thirds majority for the Student List means that it will still need the support of the SNS, or some of its MPs, for constitutional changes and certain appointments within the judiciary.

Understanding the Student List

The Student List emerged as a response to the political crisis that began following the collapse of the railway station canopy in Novi Sad in November 2024. After several months of protests, students requested early parliamentary elections in May 2025, while the list of 250 candidates was presented in September 2026, following the calling of the October elections, as previously announced.

The list does not include students themselves, but university professors, public figures, businesspeople, artists, athletes and other candidates selected by the students. The list itself represents a broad “catch-all” platform, including both pro-European candidates and individuals with more conservative and nationally oriented views. Among its more prominent representatives are Ilija Srdanović, a cardiologist and university professor who headed the electoral list; Dejan Šoškić, an economist and former Governor of the National Bank of Serbia from 2010 to 2012; Radomir Saičić, a member of the Serbian Academy of Sciences and Arts and university professor (all three seen as possible PM candidates for now) and even basketball international player Dejan Bodiroga.

The Student List’s programme, also presented for the first time in mid-September, includes 11 points, largely focused on issues that have been affecting Serbian society for years:

• Freeing the courts and prosecution service from political influence and establishing a Special Prosecutorial Police
• Law on the origin and confiscation of illegally acquired assets and lustration of public officials
• Full transparency of public procurement and audits of government projects
• Freeing the media
• Professional recruitment and depoliticisation of the public sector
• Innovation in education and free textbooks
• Knowledge-based economy and support for domestic entrepreneurs and farmers
• Permanent employment contracts after 12 months
• Abolishing the monopolies of import lobbies and ensuring food safety
• Affordable housing for young couples and underfunded professions
• Accessible medicines and a doctor in every village.

What’s next – Three key questions remaining

Formation of the new government and presidential elections

The “catch-all” structure of the Student List was one of the factors that enabled it to attract voters with different political views, but this same structure now makes it more difficult to assess the future direction of the new government.

The Student List has not yet announced its candidate for prime minister or the composition of the future government, nor its candidate for the upcoming presidential election, which should be held by the end of the year. The first session of the new parliament must be held within 30 days of the announcement of the final election results by RIK, while the new government must be elected within 90 days of the constitution of the National Assembly. As the presidential election must also be held by the end of December, these deadlines leave open the possibility that the new government will only be formed after the presidential election. Therefore, the future distribution of political power, as well as the direction of the new government, will likely become clearer only after the election of the new president, formation of the government and presentation of the future prime minister’s programme.

Additional uncertainty arises from the question of the future government’s mandate. Students initially announced that, following an election victory, they would form a government with a limited one-year mandate, whose main task would be to create conditions for the next free and fair elections. However, recent statements by some of the candidates referring to a four-year mandate have raised questions over whether this plan remains in place.

Foreign policy direction – another unknown

At this point, perhaps the most difficult issue to assess is the policy the new majority will pursue towards EU integration, Kosovo, regional relations, Russia and other international partners. The ideologically broad structure of the list includes clearly pro-European candidates, but also individuals who openly support closer relations with Russia, oppose Kosovo’s independence and hold more traditional political views. It also remains unclear what approach the new government will take towards foreign investors and certain economic sectors that have been in the public spotlight in recent years.

It should also be noted that the first international reactions were largely positive, predominantly from EU partners. Among the first to react was Hungarian Prime Minister Péter Magyar, who congratulated the Student List on its victory and expressed his support following a phone conversation with its representatives. European Commission President Ursula von der Leyen and European Council President António Costa congratulated the Student List and said that the EU was ready to support reforms in the areas of rule of law, media freedom, the fight against corruption and the strengthening of democratic institutions, as well as to work with the new government on Serbia’s European future. European Commissioner for Enlargement Marta Kos also congratulated the Student List on its victory, saying that a “new chapter” could begin for Serbia and that the EU’s doors remained open. European Parliament President Roberta Metsola and European Parliament Rapporteur for Serbia Tonino Picula also sent their congratulations.

A somewhat more reserved reaction came from Moscow, where Kremlin spokesperson Dmitry Peskov acknowledged the election results and expressed hope for the continuation of constructive relations, while positively assessing Aleksandar Vučić’s contribution to bilateral relations.

The longer-term approach of international partners towards the new government, however, will likely depend on its composition, first decisions and foreign policy positioning.

Transition of power and institutions

One of the biggest short-term challenges will be the transition of power itself after 14 years of SNS dominance. A large part of the state administration, public companies and other institutions operated during this period within a political system strongly connected to the previous government.

The question is therefore not only what the new government wants to change, but also how quickly it will be able to establish effective control over institutions, implement the announced depoliticisation and, at the same time, ensure continuity in their functioning. It also remains to be seen whether, as Vučić suggested after conceding defeat, some businesspeople and officials within the state system will distance themselves from the previous ruling establishment, or whether the new government will face difficulties in establishing control over existing systems and governance mechanisms. This may be particularly challenging given that significant business and media resources are linked to people close to the previous government.

Potential implications for businesses

The speed at which the new government takes over state institutions, as well as the extent of planned changes, will probably directly influence business environment, at least for some time. During the transition, institutional responsiveness may temporarily slow, while some institutions may be reluctant to make decisions independently until new guidance is provided.

In addition, two points of the Student List’s programme may be particularly relevant for the business community: Knowledge-based economy and support for domestic entrepreneurs and farmers and Abolishing the monopolies of import lobbies and ensuring food safety. The programme envisages stronger support for domestic entrepreneurs, start-ups and farmers, alongside an announced shift from a cheap-labour model towards a higher value-added economy. At the same time, the Student List has announced measures against the privileged position of certain importers and interest groups.

At this stage, it is not possible to conclude how these policies will affect foreign investors and international companies operating in Serbia. They may, however, raise questions regarding the future policy on subsidies and investment incentives, as well as the approach towards large international companies, particularly in the retail, food and mining sectors.