Serbia's President Aleksandar Vucic announced on Wednesday in an address to the nation that he is not willing to recognize Kosovo's independence nor permit it to join the United Nations despite heightened EU pressure to isolate his country.

"I do not want and cannot discuss mutual acceptance or Kosovo's UN membership. I am willing to negotiate everything else," Vucic said, noting that he previously discussed this matter with German Chancellor Olaf Scholz and French President Emmanuel Macron.

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Serbia's leader also revealed that the European Union has threatened to isolate Serbia and pull out all investments if the proposed Kosovo agreement was discarded.

"The text of the EU plan was provided without the option of negotiations, we were also informed about the consequences in case of refusal, including immediate withdrawal of investments, as well as the nation’s isolation. We had to remain in the negotiations or risk falling into an economic abyss. On Monday, we had a conversation in Brussels -we did not agree, but we said we will continue negotiations, there will be many more negotiations," he said.

Last Monday, the EU announced the "Agreement on the Path to Normalization between Kosovo and Serbia" plan.

The agreement document stipulates that both parties "shall mutually recognise their respective documents and national symbols, including passports, diplomas, licence plates, and customs stamps," in addition to Serbia allowing Kosovo to present itself on the international stage and to take membership in international organizations.

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However, the most significant Article was one that neither party blocks the party's attempts to join the EU - as both Serbia and Kosovo have applied earlier for EU membership.

During the Monday announcment, EU's policy chief Josep Borell said, “President Vucic and Prime Minister Kurti have agreed that no further discussions are needed for the European Union’s proposal titled ‘Agreement on the Path to Normalization between Kosovo and Serbia," noting that “the agreement will put the relationship between Kosovo and Serbia on a new and sustainable basis.”