Russia has announced its intention to invest over €5 billion in the Serbian economy. The said amount will back new projects in the energy and production sectors, according to The Voice of Russia.

Russia and Serbia are collaborating to implement a number of ambitious projects in the next three years. The said project will begin in the Serbian energy sector. The Novi Sad oil refinery will be reconstructed and a lubricant refining will also be started, the report said.

A revamping project will also be conducted in the Pancevo refinery. The said facility will be provided with more advanced technology for oil and gas processing. Russia will invest a total of €1.5 billion in the reconstruction of the said facilities, the report detailed.

Senior Research Assistant Pyotr Iskenderov of the Institute of Slavonic Studies at the Russian Academy of Sciences said of the potential transaction: "European investment arrives in Serbia slowly and with an effort. Serbia is not in the orbit of European financial operations, either bailouts or investment vehicles. This is why Serbia can only receive investment from Russia with which it has longstanding political and economic links."

Experts say the partnership between Russia and Serbia is reaching a new level. Serbia is becoming Russia's key partner in projects involving the transportation of power resources.