The number of businesses owned and operated by Russian nationals in Serbia has grown to 2,128, according to an interview with Serbian Minister Nenad Popovic, published in the Russian business daily Vedmosti on August 16.

Hundreds of thousands of Russians have relocated to Serbia since the start of the war in February 2022, drawn by the country's visa and sanction-free regime. The majority have settled in the capital, Belgrade, and the northern city of Novi Sad.

Serbia has welcomed its newcomers, not only because of long-standing cultural and historical ties with Russia but also because the largely young, skilled workforce is injecting new dynamism into the economy.

Russian emigres have established a wide range of businesses in Serbia, from tech and consultancy firms to cafes, kindergartens and beauty salons.

According to a report by the European Policy Centre (EPC), by September 2023 6,976 Russian entrepreneurs were active in Serbia. According to the interview in Vedmosti, that figure is now 7,290.

High-profile Russian companies have also relocated their operations to Serbia. Tech giant Yandex, often referred to as “Russia’s Google,” established its largest international office in Belgrade, contributing to Serbia’s emerging reputation as a regional IT hub.

The large inflows of Russian emigres, including tens of thousands of high-skilled workers, are supporting the country’s growth prospects. Serbia seemed to suffer less than other countries in the region from the global cost-of-living crisis. Despite high inflation in 2023, Serbia achieved real GDP growth of 2.5%.

In 2024, Serbia recorded some of the highest growth rates in Europe. According to recent data from the Republic Statistical Office (RZS), Serbia’s GDP grew by 4.2% in Q2 2024, following a robust 4.7% in Q1. Following a strong performance in H1, the National Bank of Serbia (NBS) has updated its growth forecast for 2024 to 3.8%.