Serbia has been discreetly stepping up sales of ammunition to the west that ends up bolstering the defence of Ukraine — even though it is one of only two European countries not to join western sanctions against Russia.

Estimates shared with the Financial Times put Serbia’s ammunition exports that have come to Ukraine via third parties at about €800mn — a sum President Aleksandar Vu?i? indicated was broadly accurate — since Russia’s full-scale invasion of Ukraine in 2022. He presented the situation as a business opportunity, insisting he would not take sides in the war.

“This is a part of our economic revival and important for us. Yes, we do export our ammunition,” he said in an interview. “We cannot export to Ukraine or to Russia?.?.?.?but we have had many contracts with Americans, Spaniards, Czechs, others. What they do with that in the end is their job.