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Ukraine receives $32.4 million grant from Russia-leaning Serbia

Serbia granted Ukraine financial aid worth $32.4 million in March 2024, demonstrating support despite its traditionally close ties with Russia and refusal to join sanctions against Moscow.
The Serbian national flag in the foreground of the Government building of the Republic of Serbia in Belgrade. Photo: Flickr/only_point_five
Ukraine receives $32.4 million grant from Russia-leaning Serbia

In March 2024, Serbia provided Ukraine with a significant financial grant exceeding one billion hryvnias ($32.4 million), despite its historical loyalty to Russia. The National Bank of Ukraine announced the aid in its response to Liga’s request, stating that the funds were transferred to the account of the Ministry of Finance of Ukraine from the Serbian government. inquired with the Ministry of Finance for more details regarding the grant, but the ministry had not responded at the time of publication.

This financial support from Serbia is noteworthy as the country has maintained economic ties with Russia and has not joined European sanctions against it. However, Serbia has continued to provide humanitarian aid to Ukraine and has not obstructed the sale of ammunition to Ukraine through intermediaries, Liga says.

Last spring, a classified Pentagon document reported by Reuters suggested that Serbia, the only European country not imposing sanctions on Russia, agreed to or may have already supplied arms to Kyiv. Serbian Defense Minister Milos Vucevic denied this, stating Serbia will not sell weapons to Ukraine, Russia, or surrounding countries.

Last September, Ukrainian President Volodymyr Zelenskyy met with Serbian President Aleksandar Vučić in Greece, where Vučić affirmed Serbia’s respect for Ukraine’s territorial integrity.

Later last fall, media reports stated that Russia plans to recruit hundreds of Serbs for combat in Ukraine, aiming to bolster its diminishing military forces, according to whistleblowers.

In late February, Serbia and ten other countries signed a declaration at the Ukraine-South East Europe Summit in Tirana, reaffirming their support for Ukraine’s independence, sovereignty, and territorial integrity, and endorsing Ukraine’s peace plan.

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