Prime Minister Aleksandar Vucic says Serbia will not impose sanctions against Russia.
But Vucic told a news conference in Belgrade on August 22 that Serbia was also not planning to subsidize exports to Moscow.
After the United States and the European Union imposed sanctions against Russian state banks and major industries last month over the crisis in Ukraine, Russia responded with a wide-ranging ban on food products imported from those countries.
Serbian food producers hope to take advantage of the trade row to boost exports to Russia.
Vucic said he had received an aide-memoire this week from an EU official in Belgrade calling on Serbia to refrain from increasing exports to Russia, as a matter of solidarity with the bloc.
As a candidate for membership of the EU, Serbia is under pressure to bring its foreign policy into line with that of the 28-member EU.