Serbia is preparing to conclude a fresh three-year energy agreement with Russia that will secure steady imports of 2.5 billion cubic meters of natural gas annually. The deal is expected to be finalized in October, according to Dusan Bayatovic, head of the state-owned gas company Srbijagas.

Bayatovic explained that Serbia already benefits from a diversified supply network, importing around 2.5 million cubic meters of gas each day from Azerbaijan alongside an additional 9.5 million cubic meters from Russia. The country’s domestic storage facility currently holds 780 million cubic meters, with the option of tapping into another 200 million cubic meters from a Hungarian storage hub if required.

Despite its aspirations to join the European Union, Serbia remains among the few nations on the continent that continue to rely heavily on Russian natural gas. Belgrade has so far resisted calls from Western allies to align with EU sanctions on Moscow following its invasion of Ukraine.

The issue is further complicated by Serbia’s oil sector, where NIS — in which Russia’s Gazprom Neft holds a controlling interest — faces the risk of U.S. sanctions. Both Gazprom and NIS are seeking another exemption to safeguard crude oil deliveries.

Later today, President Aleksandar Vučić is scheduled to meet U.S. Secretary of State Marco Rubio in Belgrade. Talks are expected to cover energy security, trade tariffs, and potential sanctions against NIS.

While energy ties with Russia remain strong, Vučić has repeatedly emphasized his intention not to amend Serbia’s constitution to extend his presidency, ruling out a bid for another term.