Western sanctions on Moscow will cost Belgrade $600m this year, says President Vucic
Serbian President Aleksandar Vucic explained on Monday that his country has suffered significant losses due to EU sanctions against Russia. In particular, he cited restrictions on oil supplies.
“Just by imposing sanctions on Russian oil, they [the European Union] it took $600 million directly out of our pocket! he said on national television, emphasizing that the money was taken from the people of Serbia.
Vucic pointed out that Iraqi oil from Kirkuk is currently $31 more expensive per barrel. “They took $600 million from us and we still have to invest additional money in gasoline,” he said.
The Serbian president noted that the situation in the world energy sector is getting complicated. “We have declared de facto, but not formally, a state of emergency,” he said, adding that energy problems are being “resolved daily”.
Analysts Warn of Consequences of Russian Oil Embargo
Last week, the EU approved a sixth round of sanctions on Russia, which includes an oil embargo. Member states have six months to stop imports of Russian oil, either by sea or by pipeline, and eight months to finalize purchases of “Other refined petroleum products”. However, there will be a temporary exemption for countries that are more dependent on Russian energy, such as the Czech Republic, Hungary and Bulgaria.
Despite facing mounting pressure from the European Union, Serbia has refused to join sanctions against Russia and maintains ties with Moscow. Vucic said at the World Economic Forum in Davos last month that Serbia, first and foremost, would continue to pursue its “own interests”.