Aleksandar Vučić faces mounting pressure from sustained student-led anti-corruption protests that began in late 2024 following the Novi Sad railway incident and have continued into 2026 with periodic clashes and demands for snap elections. His second presidential term expires in 2027, rendering him ineligible to run again under constitutional term limits, and he has publicly signaled plans to select a successor while floating the possibility of early parliamentary votes in late 2026. Recent meetings with coalition partners and opposition figures aim to ease the political crisis, yet Vučić retains strong institutional control through his Serbian Progressive Party dominance. These dynamics explain the market's low implied probability of his departure before mid-2026, with traders focusing instead on the timeline to the next presidential contest and any escalation in protests that could force an earlier transition.