Serbian President Aleksandar Vucic announced on Sunday that Belgrade has secured an “extremely favorable” three-year natural gas supply deal with Moscow amid soaring energy prices across the globe

“What I can tell you is that we have agreed on the main elements that are very favorable for Serbia,” Vucic confirmed after securing the deal over a phone conversation with Russian President Vladimir Putin.

The Serbian president said: “We agreed to sign a three-year contract, which is the first element of the contract that suits the Serbian side very well."

"Best terms in Europe"

According to Vucic, 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.

Related News

China backs Russia’s security and sovereignty efforts

Russia says relations with Iran are strategic, non-negotiable

He 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 pointed out.

Expansion of gas storage facilities in Serbia

It is noteworthy that Serbia is currently almost wholly reliant on Russian energy supplies and imports about six million cubic meters of gas daily from Russian giant Gazprom. 

Moscow also owns a majority stake in Serbia's oil and gas company, NIS.

The deal comes at a time when the European Union is trying to reduce its dependence on Russia for energy following the war in 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 Putin the possible expansion of gas storage facilities in Serbia. 

While Belgrade has condemned the Russian special military in Ukraine at the United Nations, it has refused to take part in anti-Russian sanctions.