Serbia secures new 3-year deal with Russia for gas supply

President Vucic says Serbia will have very favorable gas price from Russia, quantity of supply to be discussed

Talha Ozturk  | 29.05.2022 - Update : 29.05.2022
Serbia secures new 3-year deal with Russia for gas supply


Serbia’s president said on Sunday that he had agreed on a new three-year gas supply contract with his Russian counterpart over the phone.

“We will sign a three-year contract, and tomorrow or the day after tomorrow we will discuss gas quantities. Serbia needs larger gas quantities, but if I may say so, we will have a safe winter, and further talks will determine how much gas will cost us,” Aleksandar Vucic told reporters in Belgrad.

The Serbian leader’s remarks came after he held a phone call with Russian President Vladimir Putin.

Serbia is predominantly dependent on Russian gas and oil. Belgrade’s 10-year gas supply contract with Gazprom expires on May 31.

Vucic said Serbia will have a very favorable gas price from Russia, which is expected to be $340 to 350 per 1,000 cubic meters of gas, but not finalized yet as it will depend on the quantity that will be delivered.

Belgrade and Moscow agreed on the supply of 2.2 billion cubic meters of gas per year, he said, adding that Serbia needs another 800 million cubic meters due to the development of the industry.

Meanwhile, a statement from the Kremlin said that Putin and Vucic agreed that Russia will continue to supply natural gas to Serbia without interruption.

“The mutual intention to consistently strengthen the strategic partnership between Russia and Serbia on the basis of traditionally close ties between the peoples of the two countries was confirmed,” read the statement.

Serbia has come under criticism for declaring neutrality in Russia’s war on Ukraine and refusing to impose sanctions on Moscow.

As the Russia-Ukraine war dominates the regional discourse, Vucic reaffirmed that “Serbia is on the European path” and this was the country’s “only policy.”

Facing incessant pressure from the West to impose sanctions on Moscow, the Serbian president urged the international community to recognize Belgrade’s concerns.

Earlier this week, Vucic said Serbia will receive a loan from the US for various energy projects.

He said the “the large loan” will be used “first for solar projects and later hydro projects.”

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