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Serbia is currently negotiating a new gas deal with Russia and is set to secure the best price in Europe, according to the head of the state-owned gas company, Srbijagas, in an interview with Reuters.
Dusan Bajatovic, CEO of Srbijagas, asserted that Europe, and Serbia in particular, will have no choice but to revert to Russian gas to meet energy demands at a reasonable cost.
Serbia is one of the last remaining European countries purchasing Russian gas, having imported approximately 3 billion cubic meters in 2024. This week, the nation proposed a legally-binding ban on the import of Russian gas and liquefied natural gas (LNG) by the end of 2027.
Bajatovic revealed that the new contract with Gazprom will take effect from September, with a duration of either three or ten years.
“The price issue has been resolved. It will be a good price, the best in Europe,” Bajatovic stated. He added that the future of the gas market will be shaped by Russia and the US as key producers, with China as the primary consumer, leaving Europe to accept this reality.
“Mathematically, it will be impossible to solve the equation of supplying gas to Europe at an acceptable price without Russian gas,” he remarked on the sidelines of Russia’s main economic conference in St. Petersburg.
Since 2021, Russia has been supplying gas to Serbia via the TurkStream pipeline, which traverses the Black Sea. Serbia currently consumes around 2.5 billion cubic meters of gas annually, with roughly 2 billion cubic meters sourced from Russia. Russian gas is transported to Serbia through two main routes: TurkStream and Balkan Stream, bypassing Ukraine via the Black Sea and Turkey.
Despite being an EU candidate and signing agreements to diversify its energy sources—including deals with Azerbaijan, Greece, and Romania—Serbia remains heavily reliant on Russian gas to meet its domestic needs.
At present, Serbia is paying approximately $275 per 1,000 cubic meters of Russian gas, a significantly lower price than the European market average, allowing the country to maintain stable energy prices amid volatile global energy markets.
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