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The Kremlin said in a statement that Russian President Vladimir Putin promised Serbian President Aleksandar Vucic an unimpeded natural gas supply.
The Serbian government will sign a three-year contract with the Russian gas company.
Serbia, which hasn't joined international sanctions against Russia, is extending its contract with the gas giant, maintaining a balancing act of seeking European Union membership while also keeping close ties with the Kremlin.
Under a six-month extension of a 10-month agreement that expired in late 2021, Gazprom has been selling gas to Serbia at a price that is below market.
He said that he expects favorable rates during additional negotiations with the Russian company.
The price of gas for Serbia will be based on an oil formula, meaning it will be 10 times cheaper than other buyers in Europe. He said that only two countries are likely to enjoy better terms for Russian gas.
Serbia is dependent on Russia for gas. The nation of 7 million people may not be able to import gas from other suppliers before late.
EU officials have urged Serbia to align its foreign policy with the bloc and reduce its reliance on Russia. The government, which is dominated by the party of Vucic, has condemned the invasion of Ukraine, but did not impose sanctions.
The coming winter could be one of the most difficult since World War II. Finance Minister Sinisa Mali negotiated the use of 500 million of gas storage in Hungary as a backup to Serbia's own depot, which is about the same size.
With help from Misha Savic and Evgenia Pismennaya.
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