Serbia has obtained a three-month extension of its gas arrangement with Russia, Serbian President Aleksandar Vučić confirmed after talks with Russian President Vladimir Putin.
The Serbian president said he had “thanked Putin because we received a three-month extension of the contract on very favourable terms for us”.
“Gas is currently around 645 dollars per 1,000 cubic metres on the TTF exchange, meaning we would be paying about 690 if we were purchasing it that way, whereas in reality we are paying between 320 and 330 dollars. The extension is under the same conditions – six million cubic metres of gas per day, with a high degree of flexibility. If colder or more difficult days occur, or in the event of flooding requiring more gas, they will allow us that flexibility to import larger quantities. At the same time, pricing remains linked to the oil formula, which means a much, much lower price than the market rate,” Vučić explained.
Flexible terms
He emphasised that Serbia would be the second or third country in Europe with the lowest gas price, thanks to these flexible terms and the continued use of oil-based pricing.
“I am satisfied because I now know that, at least when it comes to gas, we will not face problems. Crude oil is currently 115 dollars per barrel, and I fear it may rise even further very soon. I say this so that you understand that the price of diesel at petrol stations should be at least 290 dinars. We will endure for as long as the Serbian state can sustain it. But if this catastrophe continues, and if a ground offensive begins or attacks on islands occur, the world – especially Europe – will face the greatest energy catastrophe in its history. I urge everyone to think carefully once again; Europe cannot withstand this, nor can anyone else,” Vučić said.
A major concession
Professor Stevica Deđanski, a former state secretary at the Ministry of Energy, believes that extending the gas arrangement under favourable terms is extremely important for both the economy and citizens of Serbia.
“Although a long-term contract cannot be secured at this moment, it is important to note that this agreement is practically long-term, given that we originally had a three-year contract, which has since been extended twice by six months and twice by three months. What matters is that we have a price that allows us to function normally. This is a major concession and a significant gesture from our friends in Russia. Our policy of balanced positioning – maintaining good relations with Russia and China, as well as with Western countries such as the United States and France – ensures that all sides respect us and our position,” Deđanski said.
According to him, the price of gas is crucial for both the economy and citizens.
“Serbia once consumed one billion cubic metres of gas; now we consume three, with a tendency for further growth. We have used gas for electricity production and managed to create a stable economy and favourable conditions for attracting investment. All of this benefits citizens as well, but gas is a key factor for the economy,” Deđanski added.
Energy security
Former Deputy Prime Minister Zorana Mihajlović underlined that the extension of the gas arrangement is important for Serbia as it guarantees security and energy stability.
“Thanks to President Vučić’s foreign policy and his ability to engage with both East and West, we, unlike the rest of Europe, are in a position to do so. Global energy security is under threat, yet we have everything we need. The key issue today is not only whether you have energy resources, but at what price. The European Union neither has sufficient supply nor favourable prices, whereas we do. Moreover, today’s price exceeds 550 euros per 1,000 cubic metres, while we pay significantly less for Russian gas – between 320 and 350 euros,” Mihajlović concluded.
Increased gas deliveries from Azerbaijan
Vučić also noted that gas deliveries from Azerbaijan have already increased to two million cubic metres per day, expressing hope that they could rise further in the coming period.
“We already have contracted quantities of gas from Azerbaijan. We previously had 0.6 million, then 1.3 million, and now we have two million cubic metres per day agreed with Azerbaijan,” Vučić said.
(Kurir, 31.03.2026)