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Leaders of Serbia and Ukraine pledge closer economic ties - Finance news and analysis from Global Banking & Finance Review
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Leaders of Serbia and Ukraine pledge closer economic ties

Published by Global Banking & Finance Review

Posted on August 8, 2026

3 min read

· Last updated: August 8, 2026

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Serbia and Ukraine Leaders Sign Economic Cooperation Pact Amid EU Hopes

Key Developments in Serbia-Ukraine Relations

By Olena Harmash and Ivana Sekularac

Serbia's Support for Ukraine and Economic Cooperation

BELGRADE/KYIV, Aug 8 (Reuters) - Belgrade will support Ukraine's independence and aims to improve economic cooperation between the two countries, President Aleksandar Vucic said on Saturday, but he stopped short of any pledge to impose sanctions on Serbia's long-time ally Russia.

Ukraine's President Volodymyr Zelenskiy is on a two-day visit to Belgrade ending on Saturday. It is his first since he became president in 2019, although his wife Olena visited Belgrade in 2024.

Balancing EU Aspirations and Russian Ties

Vucic, a populist who faces early elections in the coming months, is striving to maintain a delicate balance between the Serbia's aspiration to join the European Union and historic and economic ties with Russia.

Belgrade condemned Russia's military invasion of Ukraine in 2022, but has refused to impose sanctions on Russia. Serbia also remains dependent on Russia for most of its gas.

Territorial Integrity and Political Positions

Serbia's Stance on Ukraine's Territorial Integrity

TERRITORIAL INTEGRITY

Vucic, who has met Zelenskiy several times, most recently in Kyiv on July 15, said Serbia will maintain support for Ukraine's territorial integrity, including territories seized by Russia since 2014. 

Ukraine's Position on Kosovo

For its part, Ukraine has refused to recognise the 2008 independence of Kosovo, which Belgrade considers as part of Serbia. 

Diplomatic Relations and Mutual Respect

"You have never heard a single bad word about our country, neither from Volodymyr Zelenskiy nor anyone else (in Ukraine), and I am extremely grateful to our Ukrainian friends for that," Vucic said.

EU and WTO Membership Prospects

Challenges to EU Accession

Vucic said he was sceptical that either Serbia or Ukraine would achieve rapid accession to the European Union, but that Belgrade would support Kyiv's bid to join the bloc. 

Economic Agreements and Free Trade Deal

Both Vucic and Zelenskiy said the two countries want to improve economic cooperation and complete a free trade agreement by the end of the year. The deal is crucial for Serbia's bid to join the World Trade Organisation, and a prerequisite for its EU membership. Ukraine has been blocking it since 2005 over quotas and tariffs for its agricultural sector.

Infrastructure, Energy, and Security Cooperation

Joint Projects and Winter Preparedness

Zelenskiy said he and Vucic discussed joint infrastructure projects and cooperation on energy and food security for the upcoming winter in Ukraine, heavily hit by Russian attacks on energy facilities.

“We are developing all formats of cooperation which can give our people ... more resilience,” Zelenskiy said. 

Military Cooperation and Arms Trade Allegations

Kremlin Accusations and Official Responses

The Kremlin ​has accused Belgrade several times of ⁠selling ammunition to Ukraine via intermediaries. Belgrade has denied it supplied ammunition to Ukraine but has said it has sold to other buyers worldwide. Vucic said he and Zelenskiy did not discuss military cooperation. 

(Writing by Aleksandar Vasovic; Editing by Barbara Lewis)

Key Takeaways

  • Vučić reaffirmed support for Ukraine’s sovereignty, including regions seized since 2014, but refused to impose sanctions on Russia amid Serbia’s reliance on Russian gas. (apnews.com)
  • Ukraine’s Zelenskiy is making his first presidential visit to Serbia since 2019, with discussions focused on EU accession paths and enhanced economic cooperation. (apnews.com)
  • Both leaders aim to conclude a free‑trade agreement by year‑end—critical for Serbia’s WTO accession and Ukraine’s trade diversification—after years of stalled talks over agriculture tariffs and quotas. (apnews.com)

References

Frequently Asked Questions

What did the leaders of Serbia and Ukraine agree on?
They pledged to improve economic cooperation and aim to complete a free trade agreement by the end of the year.
Did Serbia agree to impose sanctions on Russia?
Serbia did not pledge to impose sanctions on Russia, its traditional ally.
How does the free trade agreement benefit Serbia and Ukraine?
The agreement is crucial for Serbia's bid to join the World Trade Organisation and supports Ukraine's economic interests.
What joint projects did Serbia and Ukraine discuss?
They discussed joint infrastructure projects as well as cooperation on energy and food security.
Is Serbia supporting Ukraine's bid to join the EU?
Yes, President Vucic stated that Belgrade supports Kyiv's effort to join the European Union.

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