BELGRADE, May 13. /TASS/. Serbia does not plan introduction of any sanctions against Russia, President Tomislav Nikolic said on Wednesday as he received Valentina Matviyenko, the speaker of the upper house of Russian parliament.

"We remain confident that Russia and the European Union should settle their differences through negotiations and we are ready to use Serbia’s term of rotating presidency at the Organization for Security and Cooperation in Europe and to facilitate the settlement of crisis in Ukraine," the presidential press service said in a report.

"The Serbian President invited the Russian companies to invest in the farming sector and said the Serbian farmers could offer high-quality produce but they were short of funds," it said. "Cooperation in that sphere could bring huge benefits to both countries."

"President Nikolic also expressed regret over the cancelation of the South Streat (gas pipeline) project, saying it was an irreplaceable loss for Serbia," the report.