Russia-Serbia trade soars

Mutual trade has grown over 10% in the first seven months of 2022 despite sanction pressure

Trade turnover between Serbia and Russia has steadily grown this year, topping last year’s historic level, Russia’s Ministry of Economic Development said in a statement on Friday.

“Last year bilateral trade turnover increased by 9.7% and reached a historical maximum of $2.3 billion. Following the results of the first seven months of the current year the positive dynamics remains – trade has grown by 10.2% so far,” the statement reads.

The intergovernmental, Russian-Serbian Committee on Trade discussed bilateral projects in power engineering, atomic energy and health care during a meeting on Thursday. Following the gathering, Russia's Minister of Economic Development, Maxim Reshetnikov praised the eagerness that Serbia has displayed for cooperation with Moscow despite the pressure of Western sanctions.

“We appreciate the position of our Serbian partners [who] maintain an independent position in the current difficult situation,” he said, noting the importance of the early adaptation of Russian-Serbian cooperation to the new realities, including updating the algorithms of interaction, the formation of reliable channels of mutual settlements, and the adjustment of commodity and logistics chains.

READ MORE: Serbia says Russia saves it from ‘bankruptcy’

Serbia’s representative Nenad Popovic, Minister for Innovation and Technological Development, expressed hope for the further strengthening of economic cooperation between Serbia and Russia and vowed that his country would not impose sanctions on Moscow.

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