Serbia secures new gas deal with Russia

Author: Monitoring Desk

Serbia, which has been trying to tread a delicate balancing act between East and West since Moscow invaded Ukraine, said Sunday it has secured a new long-term contract with Russia to ensure that it has sufficient gas supplies next winter.

As energy prices soar across the globe, the exact terms of the deal — which will ensure Serbia has “a safe winter when it comes to gas supply” — will be announced in the coming days, said President Aleksandar Vucic. Vucic insisted the contract would give the Balkan country “by far the best terms in Europe”. “At the moment, this is almost a third of what everyone else in Europe will pay, and in winter it will represent than one tenth” of what other countries pay, he said.

Serbia is currently almost wholly reliant on Russian energy supplies and imports about six million cubic metres of gas daily from Russian giant Gazprom. Moscow also owns a majority stake in Serbia’s oil and gas company, NIS. But the deal comes at a time when the European Union is trying to reduce its dependence on Russia for energy following Moscow’s invasion of Ukraine, and is scheduled to discuss a possible embargo on Russian oil at an emergency summit on Monday.

Vucic also said that he had discussed with Russian President Vladimir Putin the possible expansion of gas storage facilities in Serbia. While Belgrade has condemned the Russian invasion of Ukraine at the United Nations, it has refused to take part in sanctions against Moscow.

Share
Leave a Comment

Recent Posts

  • Op-Ed

Petitions Against 26th Amendment

Lahore High Court Bar Association, Pakistan Tehrik-e-Insaaf (PTI), Jamaat Islami (JI) and a lawyer from…

2 hours ago
  • Op-Ed

Constitutional Amendment and Judicial Oversight

The senior-most judges of the Supreme Court, Justice Mansoor Ali Shah and Justice Muneeb Akhtar…

2 hours ago
  • Op-Ed

Empowering Women’s Resilience at COP29

In Pakistan, climate change isn't just a distant concern or the subject of summits; it's…

2 hours ago
  • Op-Ed

Echoes of Discord In IEA

The recent remarks by Sher Mohammad Abbas Stanikzai, the Deputy Foreign Minister for Political Affairs…

2 hours ago
  • Pakistan

Sindh seeks foreign investment in SEZs in return for incentives

Sindh Chief Minister Syed Murad Ali Shah during his meeting with Australian High Commissioner Neil…

2 hours ago
  • Pakistan

KP cabinet approves amendments to Universities Act, 2012

The provincial cabinet of Khyber Pakhtunkhwa approved amendments to the Khyber Pakhtunkhwa Universities Act, 2012,…

2 hours ago