Russian firms flock to Serbia post-invasion

Nearly 300 Russian companies and nationals have been registered in Serbia since Russia launched its invasion of Ukraine on 24 February, Belgrade-based television channel N1 reported. 

According to Serbia’s Business Registers Agency, 288 Russian companies registered in Serbia between 24 February and 6 April, when Ukrainians registered only 6 firms. In the same period 10 Russian and 3 Ukrainian companies were deregistered from the Serbian companies’ register.

The majority of the newly Serbia-registered Russian firms are in the IT and consulting services sectors. 

Serbia has 876 companies fully or partly owned by Russians, as well as 524 entrepreneurs excluding shareholder societies such as the Serbian Oil Industry (NIS), Yugorosgaz and Lukoil Serbia, which have some Russian stakeholders.

Meanwhile the Balkan country has 173 companies owned by Ukrainian firms or nationals, and 96 entrepreneurs officially registered in Serbia, according to the Serbian business registry, N1 added.