288 Russian companies have registered in Serbia since the war started in Ukraine

In a month and a half since the beginning of the war in Ukraine, 288 companies whose founders or owners are Russian citizens have opened in Serbia. Dusan Janjic from the Forum for Ethnic Relations describes this as a chance for Serbia, and emphasizes that not all Russian companies and businessmen have been included in the list of sanctions by the European Union.

The journalist of Danas Mijat Lakicevic said that this was seemingly good news – foreign investment and new jobs, but expressed his doubt that in the long run and in the wider context, there could be more harm than good for Serbia.

Air Serbia increased the number of departures to Moscow and benefited. But more than that, many travelers who came from isolated Russia stayed in Belgrade and decided to open companies here, as Serbia remained one of the few countries from which it is still possible to do business with Russia and the West. It is not only Russian citizens who have come, says Dusan Janjic from the Forum for Ethnic Relations.

“But we also have a big wave of registration of Russian companies from Ukraine as well as Ukrainians from Ukraine. So, Serbia is seen as a transitional solution for this small and medium business. It can become a permanent destination for many who want to work, because it will not stop for a year,” said Janjic.

“If there were laws like in Cyprus or Luxembourg, Serbia would not be just a temporary destination,” Janjic said. The economist journalist Mijat Lakicevic, sees another problem – possible anger of the European Union because Russia avoids sanctions through Serbia.

“It can be seen that Serbia is deriving economic benefits from its policy of not condemning Russian aggression. “It certainly distances Serbia from the European Union, according to European countries, according to the European administration,” Lakicevic said.

Due to non-compliance with EU sanctions, Serbia already has a bad reputation in the West, he added.

“This can spread the illusion in Serbia that we are so big and that we do not need Europe either. And then those right-wing, nationalist, conservative movements, which we have already seen strengthened, will be strengthened thanks to the politics of war. “, said Lakiçeviq.

On the other hand, Janjic recalls that not all Russian companies are under sanctions and that Serbia should follow the lists and decisions of the US and the EU and be guided by clear rules on who can and who can not open a company here.

“It is an opportunity for development for Serbia and the motives of these people are different. Some are avoiding European Union sanctions and some are avoiding the regime,” Janjic said.

Of the approximately 300 Russian companies that just opened in Serbia, most are small limited liability companies engaged in trade, with some medium-sized companies from the IT sector.