Serbia has reoriented its foreign trade toward the EU, Russia’s share is about 7–8% — ambassador
As reported by Srpski ekonomist, Serbia’s economic ties with the European Union are today significantly larger than its trade with Russia, while Belgrade’s main dependence on Moscow remains primarily in the energy sector, Serbia’s ambassador to Ukraine Andon Sapundzhi said. According to him, about 70% of Serbia’s exports and imports go to European Union countries, and another approximately 15%
As reported by Srpski ekonomist, Serbia’s economic ties with the European Union are today significantly larger than its trade with Russia, while Belgrade’s main dependence on Moscow remains primarily in the energy sector, Serbia’s ambassador to Ukraine Andon Sapundzhi said.
According to him, about 70% of Serbia’s exports and imports go to European Union countries, and another approximately 15% to states of the region that are candidates for or aspire to EU membership, including Bosnia and Herzegovina, Montenegro, North Macedonia, and Albania.
“The remaining countries account for the rest of foreign trade, among them the United States, China, and Russia. Russia’s share is approximately 7–8%, and a significant part of this trade consists of energy resources, primarily natural gas,” Sapundzhi said in an interview with Apostrophe.
According to him, it is precisely dependence on Russian energy supplies that remains one of the most sensitive elements of Serbian-Russian economic relations, which is why Belgrade is working on diversifying sources and supply routes.
Separately, the ambassador commented on the situation around Serbia’s largest oil and gas company, NIS, which came under American sanctions restrictions because of Russian participation in its capital.
According to him, the process of changing NIS’s ownership structure is in an active phase. Serbia is discussing the company’s future structure with Hungary’s MOL, while negotiations with Russia’s Gazprom Neft continue. Completing the deal requires, among other things, the relevant approvals under the American sanctions regime.
Sapundzhi named maintaining energy security and finding a long-term, sustainable ownership structure for NIS as Serbia’s two main priorities.
The company is of strategic importance to the country’s economy because it operates Serbia’s only oil refinery, in Pančevo.
At the same time, the diplomat stressed that the change in the structure of trade does not mean that Serbia is completely abandoning economic relations with Russia.
Belgrade, meanwhile, continues its course toward EU accession. According to Sapundzhi, European integration remains the country’s strategic priority, although Serbia’s refusal to join the sanctions against Russia creates difficulties in negotiations with Brussels.
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