Russia to keep gas price for Serbia at $270

Russia has decided to keep the gas price for Serbia at the level of $270 per 1,000 cubic meters for six months, and during this time a further decision will be agreed, Russian Presidential Spokesperson Dmitry Peskov told reporters, Report informs referring to TASS.

He said that the current contract for gas, which expires at the end of the year, will be extended for six months, and then a fixed price formula will be in force.

Peskov reminded that “pricing on long-term gas contracts is based on a price formula that depends on the price of oil and oil products, and, of course, it is fundamentally different from pricing on spot markets.”

He noted that for six months Serbia will receive Russian gas at a favorable price, which will help the country pass the coming winter period. “During this period, economic entities, as the president said yesterday, will agree on the continuation of the contract,” the Kremlin spokesman added.