FT: Serbia caught between Russia and the west

“Partners for the Future!” proclaim the Gazprom billboards that line the main roads into Belgrade – the Cyrillic text imprinted on a bright image of Russian and Serbian flags stitched together.

The advertising campaign was meant to celebrate the growing energy ties between the two Slavic Orthodox nations. But for a Serbian government that has been left bitterly disappointed by the cancellation on Monday by Vladimir Putin of the giant South Stream gas pipeline project, the message is a painful reminder of what might have been.  

Since his appointment in 2013, prime minister Aleksandar Vucic has sought to tread a narrow path between advancing his country’s EU membership ambitions and attracting Russian investment into Serbia’s struggling economy. Following the announcement by Mr Putin, Russian president, the largest part of that strategy appears to have failed. MORE