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News > Serbia

Sanctions on Russia Have Hit Serbia Hard, President Warned

  • Serbian President Aleksandar Vucic. Jun. 7, 2022.

    Serbian President Aleksandar Vucic. Jun. 7, 2022. | Photo: Twitter/@BetaBriefing

Published 7 June 2022

The Serbian President warned of the high cost to Serbia of anti-Russian sanctions, especially those banning Russian oil supplies.

"Only by imposing sanctions on Russian oil, they [the European Union] directly took $600 million from our pocket!" Serbian President Aleksandar Vucic said Monday on national television. 

Serbian President Vows To Resist Sanctions Against Russia

Vucic raised the alarm about the worrying situation in the energy sector that is currently afflicting the world. He referred to the soaring growth in the price of Iraqi oil from Kirkuk, noting that it is now 31 dollars higher per barrel.
"They took $600 million from us, and we still have to invest additional money in gas," the President said and highlighted that the money was taken from the Serbian people.
The Serbian President said that "we have de facto, but not formally, declared a state of emergency" and added that issues concerning the energy crisis "are being resolved on a daily basis."

The sixth package of sanctions recently imposed by the EU on Russia includes a ban on Russian oil imports. The bloc's member states have been given six months to stop importing Russian oil by sea or pipeline. As for the suspension of purchases of other refined oil products, they were given a term of eight months. 

The Czech Republic, Hungary and Bulgaria, countries highly dependent on Russian energy, have been granted a temporary exemption.

Amid this scenario, Serbia has maintained relations with Russia while refusing to submit to EU pressure to be part of those waging war against Russia under sanctions. Serbia is committed to pursuing its "own interests primarily," the Serbian President said last month at the World Economic Forum held in Davos.

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