Russian natural gas deliveries to Serbia started in 1978. Following the breakup of the Socialist Federal Republic of Yugoslavia in the early 1990s, the separate intergovernmental agreements were signed with the emerging sovereign states on cooperation in the gas industry. A new Russian-Serbian joint venture, YugorosgazYugorosgaz is a Russian-Serbian joint venture. Its business includes construction of pipeline transmission system, transport and supplying gas to consumers as well as participation in joint energy projects. Since January 2007, the company has been purchasing Russian natural gas for Serbia under conditions of transfer and acceptance at the Beregovo point, and since February 2012 also at the Banatski Dvor UGS facility. The shareholders of the company are PJSC Gazprom (50%), Srbijagas (25%), Centrex Europe Energy Gas AG, Vienna (25%). was established in July 1996 under an Intergovernmental Agreement.

On 13 October 2012, Russia and Serbia concluded an Intergovernmental Agreement on natural gas supplies in 2012–2021. Based on it, on 27 March 2013, Gazprom Export and Yugorosgaz signed a long-term contract for supply of natural gas to Serbia through 2021. In 2017, Gazprom Export and Yugorosgaz signed a supplement to this long-term contract, foreseeing an increase of supply volumes from 1.5 to 2 bcma from 2018. As of 31 December 2020,under this contract roughly 13.15 bcm of gas had been delivered, including 1.35 bcm in 2020.

Another partner of Gazprom Group in the Serbian market is the state-owned enterprise Serbijagas, established by the Government of the Republic of Serbia in the course of the reorganization of the state-run enterprise Naftna Industrija Srbije (NIS) on 1 October 2005. On 28 October 2015, Gazprom and Srbijagas signed a Memorandum of Understanding reflecting the parties’ intent to consider the options to extend the cooperation into the gas storage and into NGV sectors, as well as in small-scale LNG shipments.