Serbia would sign bumper gas contract with Russia 'with both hands' – President Vucic

Belgrade expresses regrets about rejecting Russian gas at beneficial price of $400 as energy crisis in Europe persists

Serbian President Aleksandar Vucic says he regrets his November decision to scrap the gas deal offered by Russian President Vladimir Putin. The comment comes amid the energy crunch Europe has been struggling with over recent months.

According to Vucic, the price of $400 per thousand cubic meters offered by Russia didn’t seem good for Serbia back then, but soaring gas prices in the region are forcing the Serbian authorities to revise their energy policy.

“During talks with [Russian President Vladimir] Putin, I didn’t want to settle for a gas price of $400 per 1,000 cubic meters,” Vucic said in an interview with local channel TV Pink, adding that now he would sign such a contract “with both hands.”

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In November, Serbia signed a temporary agreement with Russian state-controlled energy giant Gazprom. According to the deal, which expires on May 31, the country purchases the fuel at the price of $270 per thousand cubic meters.

The Serbian authorities had previously announced plans for a new contract for Russian gas supplies that is expected to be valid for 10 years.

Last week, gas prices in Europe broke all records, having soared to $3,900 per 1,000 cubic meters, or nearly $374 per megawatt-hour in household terms. Brent prices also spiked to their highest levels since 2008, hitting $139 per barrel, after Western allies warned of banning imports of Russian oil because of Moscow’s military offensive in Ukraine.

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