Moscow and Belgrade are negotiating a new deal as the existing contract expires at the end of May.
A landlocked country in the Balkan region, Serbia is heavily dependent on energy supplies from Russia and has been hit by Western sanctions against Russia following the conflict in Ukraine.
However, Serbia still ensures oil and gas supplies from Russia.
Gas supply is a matter of survival, President Vucic said during a meeting with Russian President Vladimir Putin.
The Serbian leader stressed that Serbia has a long-term contract with very preferential terms.
We hope to have the opportunity to maintain or even improve those terms, the Serbian president stressed.
For his part, the Russian president called energy cooperation a driving force for trade and investment relations between Moscow and Belgrade. Mr. Putin also affirmed that Russian energy giant Gazprom is supplying more gas than the contracted volume with Serbia.
The Russian Federation remains a factor in ensuring energy security for Serbia, meeting about 85% of the countrys total energy needs, Putin said.
The Russian leader also said that contract gas is still being transferred as scheduled via the TurkStream route.
Under the contract effective until May 31, Serbia will only have to pay 275 USD per 1,000 m3 of gas, much lower than the price on the European market, which fluctuated at 400 USD after soaring to 665 USD in early February.
