Ukrainian President Volodymyr Zelenskyy made his first official visit to Serbia, meeting Serbian President Aleksandar Vučić in Belgrade on 8 August 2026, according to Ukraine's Presidential Office. The two agreed to deepen trade and energy cooperation, and Serbia pledged fresh humanitarian aid and help rebuilding a war-hit Ukrainian city.

The visit drew attention because Serbia remains one of the few European states still close to Moscow. At the same time, Serbia is itself seeking EU membership and backs Ukraine with financial and humanitarian aid, though it provides no direct military support.

A first visit, and a message to two capitals

Zelenskyy arrived in Belgrade on Friday, 7 August, and the next day received an honor guard welcome, then met Vučić at the Presidential Palace. It was his first official trip to Serbia since he became president in 2019. Ukraine's First Lady had made her own first trip to Belgrade in May 2024.

Serbia is a candidate for accession to the EU, and so is Ukraine. Belgrade also keeps close ties with Moscow and still refuses to sanction it, relying on Russia for most of its energy. Thus the reception sent a signal to both Brussels and Moscow. 

Vučić said Serbia upholds the UN Charter and the territorial integrity of every UN member, including Ukraine. At the joint news conference, Zelenskyy tied that to Crimea belonging to Ukraine, and he said Ukraine's stance against recognizing Kosovo's unilateral independence stays unchanged. Russia has occupied the Crimean peninsula since 2014.

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Aid for the winter and a city to rebuild

Zelenskyy thanked Serbia for a new humanitarian package in the medical and energy sectors, his office said. Belgrade offered to help rebuild one war-damaged Ukrainian city, which neither side named. The two leaders discussed the coming winter, when Ukraine's power system faces heavy Russian strikes. Serbia has sent Ukraine generators and financial support before.

The leaders discussed infrastructure, ports, railways, and food security, and Serbia showed interest in Ukraine's railway experience. They want to finalize a free-trade agreement between the two countries by the end of 2026. Trade reached about $346 million in the first half of 2026, after $442 million for all of last year, according to Zelenskyy's office. In the presidents' presence, Ukraine's food-safety service and Serbia's agriculture ministry signed a cooperation memorandum on animal health and food safety. 

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An EU path, and Vučić's doubts

Zelenskyy noted that Ukraine would welcome a faster EU path for Serbia. Vučić said Serbia backs Ukraine's European course and will not block it, but he doubted Serbia could join soon, "for many political reasons." 

He said not everyone in the EU views membership for Ukraine or the Western Balkans positively. 

"For us they'll find Croats, Bulgarians, Dutch, and for Ukraine they'll find someone else," he said, suggesting that for any candidate, some existing EU member can always be found to object to its accession.

Ukraine’s wartime business optimism has split in two. In July, the construction sector, funded by state money for roads and damaged infrastructure, remained the country’s most confident, even as service firms slid into outright pessimism, and overall confidence in the economy stopped improving.

The divide is about money. Rebuilding, paid for by the government and its foreign backers, is thriving. The businesses that earn their own keep—transport, hospitality, professional and financial firms—are squeezed by rising costs and a shortage of skilled workers.

Each month, the National Bank of Ukraine asks companies whether they expect business to improve or worsen. In July, there was only barely more expected improvement than decline: a reading of 50.1, where 50 is the dividing line, down from 50.4 in June.

A year earlier, more firms were gloomy than hopeful. As 2025 closed, the divide ran along a different line: retail firms stayed confident while industry shrank under Russian strikes, and the overall mood was still a shade negative.

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Where the rebuilding money goes, confidence follows

Construction was far above the line, at 54.2, lifted by financing for road repair and rebuilding—even as the same survey listed intensifying strikes on critical infrastructure among the factors holding activity back.

Industry and trade stayed barely positive. Services alone fell below the line, into pessimism, squeezed by higher costs and too few skilled workers. Only builders expect to hire; industry and services plan to cut.

For Ukraine’s partners, the survey shows where rebuilding money actually reaches. That spending—part-funded by Western aid, which the bank lists as one reason confidence holds up at all—is a preview of the demand that a full postwar rebuild would bring.

In June 2026, Russian strikes on that same industrial base pushed Ukraine into its sharpest wartime contraction since 2023.

The next survey, covering August, is due on the first working day of September.

BlackRock, a U.S. investment firm, suspended work on a multibillion-dollar Ukraine recovery fund following U.S. President Donald Trump's election victory, prompting France to work on a replacement, Bloomberg reported on July 5.

The plan nearly secured the initial support of institutions backed by the governments of Germany, Italy, and Poland, people familiar with the matter told Bloomberg.

Kyiv has sought to secure investment in Ukraine's reconstruction as Russia's war continues to destroy infrastructure across the country.

BlackRock halted its search for institutional investors in January, causing the planned funding that sought to secure $500 million from governments, development grants, and investment banks, and another $2 billion from private investors, to fall through.

The investment firm halted talks with institutional investors in January due to a lack of interest amid perceived uncertainty in Ukraine.

The fund was set to be unveiled by BlackRock at the upcoming Ukraine Recovery Conference on July 10-11 in Rome, Bloomberg reported.

A spokesperson for BlackRock said the investment firm completed advisory work for the recovery fund pro bono in 2024 and no longer has "any active mandate."

France is working on a proposal to replace the recovery fund led by BlackRock, people familiar with the matter told Bloomberg, adding that it remains uncertain how effective the plan will be without Washington's backing.

President Volodymyr Zelensky and Italian Prime Minister Giorgia Meloni are expected to attend the Ukraine Recovery Conference next week.

Despite a partial rebound from a 30% economic slump in 2022, foreign investment in Ukraine remains underwhelming.

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The Kyiv IndependentDominic Culverwell