Russia and Serbia
Diplomacy, trade and historical ties form part of a relationship with its own mechanisms. Serbia maintains dialogue with Moscow within a broader European setting. Trade figures and ministerial meetings describe activity, not automatic agreement on every international decision.
Analysis reviewed: 2026-10-07 · Indicators updated: 2026-10-07Diplomatic channels and representation
The Serbian ministry's profile identifies embassies, visits and cooperation mechanisms.
Trade published by Serbia
The ministry records 2025 goods trade of around 2,000 million euros: 700 million in Serbian exports and 1,300 million in imports.
Bilateral indicators
Blank cells: data unavailable.
| Indicator | Value | Period |
|---|---|---|
| Goods trade | 2,268.7 M USD | 2025 · UN Comtrade / SRB |
| Goods: Russia to Serbia | 1,417.07 M USD | 2025 · UN Comtrade / SRB |
| Goods: Serbia to Russia | 851.62 M USD | 2025 · UN Comtrade / SRB |
| Services trade | ||
| Export share: Russia to Serbia | ||
| Export share: Serbia to Russia | 2.28 % | 2025 · UN Comtrade / SRB |
| Investment stock: Russia in Serbia | ||
| Investment stock: Serbia in Russia |
Definitions and sources
Trade adds both directions. Shares refer to the country’s total goods exports; investment is an accumulated stock, not an annual flow. Every figure retains the currency and period of its source. BEA positions are historical-cost estimates based on the immediate counterpart, not market values or investment by ultimate owner. ‘More than’ indicates a lower bound, not an exact amount. A recorded stock does not establish new activity or authorisation to operate under sanctions.
- Goods trade
- 2025 · UN Comtrade / SRB · Goods; full year; SRB reporter. Exports normally FOB and imports CIF according to the reporter's coverage. No addition of mirror reports.
- Goods: Russia to Serbia
- 2025 · UN Comtrade / SRB · Goods; full year; SRB reporter. Exports normally FOB and imports CIF according to the reporter's coverage. No addition of mirror reports.
- Goods: Serbia to Russia
- 2025 · UN Comtrade / SRB · Goods; full year; SRB reporter. Exports normally FOB and imports CIF according to the reporter's coverage. No addition of mirror reports.
- Export share: Serbia to Russia
- 2025 · UN Comtrade / SRB · Goods share: SRB exports to the partner / the same reporter's exports to the world, same year.
Country comparison
Period and source beside each figure · est. = estimate by the stated institution.
| Indicator | Russia | Serbia |
|---|---|---|
| Nominal GDP | 2.59 trillion USDIMF est.2025 · IMF | 99.95 billion USD2025 · WB |
| GDP per capita | 17,972.12 USDIMF est.2025 · IMF | 15,262.05 USD2025 · WB |
| GDP growth | 1 %2025 · WB | 2.03 %2025 · WB |
| Policy interest rate | 14 %2026-09-11 · CBR | |
| Inflation · annual average | 8.72 %Annual average · 2025 · WB | 3.89 %Annual average · 2025 · WB |
| Inflation · latest year-on-year figure | 6.33 %Year-on-year · Aug. 2026 · CBR | |
| Unemployment | 2.13 %ILO est.2025 · WB | 7.12 %ILO est.2025 · WB |
| Budget balance (% of GDP) | -3.9 %IMF est.2025 · IMF | -2.2 %IMF est.2025 · IMF |
| Gross public debt (% of GDP) | 17.2 %IMF est.2025 · IMF | 42.4 %IMF est.2025 · IMF |
| Current account balance (% of GDP) | 1.68 %2025 · WB | -4.9 %2025 · WB |
| Population | 143,997,000IMF est.2025 · IMF | 6,549,143World Bank est.2025 · WB |
| Area | 17,125,190 km²2023 · BM / FAO | 84,990 km²2023 · WB |
| Military expenditure | ||
| Military expenditure (% of GDP) |
Definitions, dates and sources
Blank cells are not zero. Average annual inflation and the latest year-on-year figure appear in separate rows: they are not the same measure. Every annual indicator retains its reference year; when the years differ, the figures are identified as not directly comparable. When a figure is unavailable from the World Bank, an annual IMF estimate is used and identified as such. The latest year-on-year figure is the latest official release verified as of 7 October 2026. This includes advance releases marked as provisional. Mexico may have a fortnightly figure before the full month is published; it is not automatically compared with a monthly figure. The publication date is retained in each source’s details; it does not replace the observation period or the annual average. Policy rates carry their own dates and represent different instruments. Spain and France share the ECB rate. Balances are positive for surpluses and negative for deficits. The IMF may use fiscal years; unemployment retains each source’s definition (ILO estimates, IMF WEO or PCBS), as stated in the details. For Palestine, debt and the fiscal balance cover central government and retain the PCBS definition; they are not presented as consolidated general government. These are economic magnitudes, not measures of relationship quality.
For Russia, GDP, population and GDP per capita are estimates from the same IMF (WEO) dataset for 2025. The per-capita figure published by the IMF is used, rather than a calculation of our own. The earlier World Bank series could not be reconciled and are not mixed with this dataset. Review: 2026-10-07. IMF data terms of use0
Area retains each source’s territorial coverage; it does not determine sovereignty or effective control. Canada uses an archived national geographic reference. Military expenditure retains the 2024 SIPRI sample distributed by the World Bank: the amount and percentage of GDP use that same definition, which differs from NATO’s. It is not an approved budget or a 2026 figure. Information from the Stockholm International Peace Research Institute (SIPRI). Military expenditure database · Terms of use0
Indicators reviewed: 2026-10-07. Each source retains its original access date; this review does not turn all the data into 2026 observations. Figures may be revised.
- Nominal GDP
- Current USDRussia: 2025 · Nominal GDP in current USD · IMF — World Economic Outlook · IMF est. · IMF estimate (WEO). GDP, GDP per capita and population for this country come from the same WEO query for 2025; no separate GDP-per-capita figure has been calculated.Serbia: 2025 · World Bank · Official World Bank series. Observation year, not download date.
- GDP per capita
- Current USD per personRussia: 2025 · Nominal GDP per capita in current USD · IMF — World Economic Outlook · IMF est. · IMF estimate (WEO). GDP, GDP per capita and population for this country come from the same WEO query for 2025; no separate GDP-per-capita figure has been calculated.Serbia: 2025 · World Bank · Official World Bank series. Observation year, not download date.
- GDP growth
- Annual real change (%)Russia: 2025 · World BankSerbia: 2025 · World Bank · Official World Bank series. Observation year, not download date.
- Policy interest rate
- Central bank instrument (%)Russia: 2026-09-11 · Bank of Russia policy rate · Bank of Russia
- Inflation · annual average
- Average annual change in headline CPI (%)Russia: 2025 · Annual average change in CPI (%) · World BankSerbia: 2025 · Annual average change in the CPI (%) · World Bank · Official World Bank series. Observation year, not download date.
- Inflation · latest year-on-year figure
- Headline CPI relative to the same period of the previous year (%); monthly or fortnightly frequency statedRussia: 2026-08 · Change in headline CPI from the same month of the previous year (%) · Bank of Russia · Published: 2026-09-16 · Year-on-year CPI. The commentary's 6.9% is annualised seasonally adjusted monthly growth and is not used here.
- Unemployment
- % of the labour force; definition used by the stated institutionRussia: 2025 · World Bank · ILO est.Serbia: 2025 · ILO modelled estimate; percentage of the labour force · World Bank · ILO est. · Official World Bank series. Observation year, not download date.
- Budget balance
- General government (% of GDP)Russia: 2025 · IMF — World Economic Outlook · IMF est.Serbia: 2025 · IMF · IMF est. · WEO general-government estimate, % of GDP. Not an observed balance for the current month.
- Gross public debt
- General government (% of GDP)Russia: 2025 · IMF — World Economic Outlook · IMF est.Serbia: 2025 · IMF · IMF est. · WEO general-government estimate, % of GDP. Not an observed balance for the current month.
- Current account balance
- % of GDPRussia: 2025 · World BankSerbia: 2025 · World Bank · Official World Bank series. Observation year, not download date.
- Population
- PeopleRussia: 2025 · Population from the WEO series; do not mix with a denominator from another source · IMF — World Economic Outlook · IMF est. · IMF estimate (WEO). GDP, GDP per capita and population for this country come from the same WEO query for 2025; no separate GDP-per-capita figure has been calculated.Serbia: 2025 · World Bank · World Bank est. · Extrapolated estimate identified by the World Bank; not a census for the reference year.
- Area
- Total area in km²; territorial coverage of the sourceRussia: 2023 · Total area, including inland waters; territorial coverage as defined by the source · World Bank · FAOSerbia: 2023 · World Bank · Official World Bank series. Observation year, not download date.
- Military expenditure
- Current USD per year; SIPRI series
- Military expenditure (% of GDP)
- Percentage of GDP; SIPRI definition, not NATO’s definition
Other data specific to this relationship
What they buy and sell
Documented selection, not an exhaustive list. Cells without a figure do not mean zero value; some products are identified without a verified amount.
Russia to Serbia
| Product or sector | Value / share |
|---|---|
| Mineral fuels and oils | 891.8 M USD2025 · Source |
| Electrical and electronic equipment | 96 M USD2025 · Source |
| Machinery and mechanical appliances | 3.6 M USD2025 · Source |
| Land vehicles and components | 1.6 M USD2025 · Source |
| Pharmaceutical products | 1.4 M USD2025 · Source |
Serbia to Russia
| Product or sector | Value / share |
|---|---|
| Machinery and mechanical appliances | 134.3 M USD2025 · Source |
| Pharmaceutical products | 56.9 M USD2025 · Source |
| Electrical and electronic equipment | 12.2 M USD2025 · Source |
| Land vehicles and components | 8.2 M USD2025 · Source |
| Mineral fuels and oils | 0.2 M USD2025 · Source |
Connections between people
Education, work, visits and community connections have their own records and procedures. Residents are not equivalent to annual arrivals, and visits may be repeated. The tables retain dates, definitions and sources to distinguish these connections from business contracts and government decisions. [2]
Residents, study and travel
Blank cells: data unavailable. Each measure retains its definition and period.
| Indicator | Value | Period / source |
|---|---|---|
| Residents from Russia living in Serbia | ||
| Residents from Serbia living in Russia | ||
| Study and training: Russia in Serbia | ||
| Study and training: Serbia in Russia | ||
| Academic stays: Russia in Serbia | ||
| Academic stays: Serbia in Russia | ||
| Travel: Russia to Serbia | ||
| Travel: Serbia to Russia |
What each figure measures
Residents are counted by nationality and the coverage of the stated register, not as people born in the other country or as new arrivals in one year. PERE includes dual nationals and people born outside Spain. Study with OPT and stays carrying academic credit are different measures. Travel may include several visits by the same person; FRONTUR arrivals require an overnight stay, whereas the Canadian survey includes day visits. These figures are neither added together nor automatically compared across directions.
Mobility data added or reviewed: 2026-10-07. Reference periods may be earlier.
Underlying ties
History, institutions and long-standing issues.
Diplomatic channels and representation
The Serbian ministry's profile identifies embassies, visits and cooperation mechanisms. Permanent representation facilitates political and consular contact. That institutional relationship does not amount to a general defence obligation or show that all businesses have unrestricted access to both markets. Economic instruments and security matters are documented separately. [1]
Trade published by Serbia
The ministry records 2025 goods trade of around 2,000 million euros: 700 million in Serbian exports and 1,300 million in imports. These are rounded euro figures from the Serbian record. They are not added to the Comtrade dollar table or used as an automatic currency conversion. Both sources retain their coverage and unit to allow a consistent reading. [1]
The Western Balkans agenda
The March 2026 ministerial meeting with the Russian and Belarusian ambassadors examined bilateral relations and regional political and economic circumstances. These are contacts with two states, not a single trilateral treaty. The Balkans agenda may affect dialogue without every issue being exclusively Russia–Serbia. The communication is attributed to the ministry that published it. [2]
The scale of the two economies
Russia recorded nominal GDP of 2,587.9 billion USD in 2025, compared with 100 in 2025 for Serbia. The reference populations were 144 million (2025) and 6.55 million (2025), respectively. In the same year, Russia's nominal GDP was 25.89 times Serbia's. These figures contextualise market size; they do not by themselves describe well-being, individual wealth or political influence. IMF estimates or population extrapolations retain their labels in the table. No ratio is calculated when periods do not match. [4] [5] [6] [7]
Recent developments
Recent developments and latest available data · Reviewed: 2026-10-07
Ministerial contact in March 2026
The meeting shows continuing official discussion following the 2025 statistics. It does not by itself establish the signing of new obligations or project implementation. The profile distinguishes diplomatic representation, trade activity and regional issues. Private goods movements are not interpreted as a political vote on all conflicts or government decisions. [2] [1]
Observed economic exchange
In 2025, recorded goods trade between Russia and Serbia totalled 2,268.7 million USD. Shipments from Russia to Serbia were 1,417.1 million USD; those in the reverse direction were 851.6 million USD. Serbia's shipments to the partner represented 2.28% of its goods exports to the world, using the same year and reporter. A single customs reporting source is used for both directions. This annual flow does not include all services activity or affiliates' local sales and is not added to accumulated investment capital. [3]
Milestones and consequences
Sources and data
Periods and scope of the figures
Each figure retains its period, unit, definition and source. Announcements, contracts and results are not interchangeable. Empty cells do not mean zero. Customs data for 2025 are not presented as activity observed during later crises.
- Bilateral relations and 2025 trade
Serbia's Ministry of Foreign Affairs · Institutional source · Accessed: 2026-10-07
- Discussion with the Russian and Belarusian ambassadors
Serbia's Ministry of Foreign Affairs · Institutional source · Document: 2026-03 · Accessed: 2026-10-07
- Annual TOTAL X/M; 2025; reporter 688; partners 0,643
UN Comtrade / SRB · Institutional source · Accessed: 2026-10-07
- Official statistics
IMF — World Economic Outlook · Institutional source · Accessed: 2026-10-07
- NY.GDP.MKTP.CD; ISO and reference year; no military dataset expansion
World Bank · Institutional source · Accessed: 2026-10-07
- Official statistics
IMF — World Economic Outlook · Institutional source · Accessed: 2026-10-07
- SP.POP.TOTL; ISO and reference year; no military dataset expansion
World Bank · Institutional source · Accessed: 2026-10-07
- HS2 27; 2025; reporter 688; partners 643; X/M; annual goods
UN Comtrade / SRB · Institutional source · Accessed: 2026-10-07
- HS2 30; 2025; reporter 688; partners 643; X/M; annual goods
UN Comtrade / SRB · Institutional source · Accessed: 2026-10-07
- HS2 84; 2025; reporter 688; partners 643; X/M; annual goods
UN Comtrade / SRB · Institutional source · Accessed: 2026-10-07
- HS2 85; 2025; reporter 688; partners 643; X/M; annual goods
UN Comtrade / SRB · Institutional source · Accessed: 2026-10-07
- HS2 87; 2025; reporter 688; partners 643; X/M; annual goods
UN Comtrade / SRB · Institutional source · Accessed: 2026-10-07
Additional sources on products and human connections
- UN Comtrade / SRB
2026-10-07 · Accessed: 2026-10-07 · HS2 27; 2025; reporter 688; partners 643; X/M; annual goods.
- UN Comtrade / SRB
2026-10-07 · Accessed: 2026-10-07 · HS2 85; 2025; reporter 688; partners 643; X/M; annual goods.
- UN Comtrade / SRB
2026-10-07 · Accessed: 2026-10-07 · HS2 84; 2025; reporter 688; partners 643; X/M; annual goods.
- UN Comtrade / SRB
2026-10-07 · Accessed: 2026-10-07 · HS2 87; 2025; reporter 688; partners 643; X/M; annual goods.
- UN Comtrade / SRB
2026-10-07 · Accessed: 2026-10-07 · HS2 30; 2025; reporter 688; partners 643; X/M; annual goods.