Russia and Serbia have agreed to extend their natural gas supply contract, which was set to expire in May, according to a report by Serbia’s national news agency Tanjug citing the head of the country’s state-owned gas operator Srbijagas, Dušan Bajatović. He announced that Serbia will continue to receive 6.1 million cubic meters of Russian gas per day until Sept. 30.
The gas will be priced at €290 per 1,000 cubic meters (approximately $330), which is 25% lower than current EU market prices. Gas on the Dutch TTF exchange is currently trading at around €360 (close to $410) per 1,000 cubic meters.
The deal makes Serbia one of the largest recipients of discounts on Russian gas. By comparison, China, which enjoys the steepest discount among all of Gazprom’s clients outside the former Soviet Union, is paying $247.70 per 1,000 cubic meters in 2025.
According to Russia’s Ministry of Economic Development, Gazprom's average export price to non-CIS countries this year is $403 per 1,000 cubic meters.
Gazprom is a Russian state-controlled energy company and the world’s largest producer and exporter of natural gas. It holds a state-granted monopoly on Russia's natural gas exports via pipeline.