The EU has warned candidate countries to refrain from exploiting the Russian ban.
"In order to ensure the unity of the international community and to uphold international law, the European Union expects third and candidate countries to refrain from measures which are aimed at exploiting new trading opportunities arising from the introduction of these measures," EU foreign ministers said last week in a statement.
Vucic said his government will accept EU's demands not to additionally subsidize those exports to Russia, but will not prevent Serbian companies from making new deals. Serbian officials have said that they hope to increase the food and agricultural exports to Russia from the current $170 million (128 million euros) a year to $300 million (226 million euros).
Although Serbian officials had said they respect Ukraine's territorial integrity and are against Russia's annexation of Crimea, they told the West that imposing sanctions against Russia would be disastrous for its economy, especially because its energy sector is almost entirely in Gazprom's hands.
"It is Serbia's strategic goal to become a member of the European Union," Vucic told reporters. "At the same time, Serbia did not and will not introduce sanctions against the Russian Federation."
"In the interest of Serbia, we need to maintain friendly relations with Russia," he said.