Serbia will consider a European Union plan that proposes to normalize relations with Kosovo because it risks losing its chance to join the bloc, Bloomberg reported.

He noted that without EU support, Serbia would lose politically and economically. He said the plan deserved consideration, although it's not easy to find anything in this document that would make them happy.

The proposal, drafted by Germany and France and presented as an EU proposal, does not require Serbia to sign an agreement on Kosovo's independence. But Serbia will have to stop opposing Kosovo's membership in international organizations, according to a draft document published by the Danas newspaper.

According to the stated 10-point plan, Kosovo would get full international recognition, and Serbia could get some autonomy for Serbs living in Kosovo. Also, Kosovo will have to guarantee the security of centuries-old churches and monasteries, which Serbia considers the most important monuments of its religion and history, while Belgrade will retain some ties with the Serbian enclaves in the territory of Kosovo. Vucic did not give details of the plan.

"Advancing this proposal will bring significant benefits to both sides," EU foreign policy chief Josep Borrell told reporters in Brussels on Monday. "I believe this is the only way to break the cycle of crisis on the ground and reduce the risk of further escalation."

Vucic said the war in Ukraine highlighted the risk of renewed conflict and strengthened the EU and U.S. resolve to find a solution. Europe is de facto at war, he said. EU officials want things the way they want them in their backyard, and the Western Balkans and the Republic of Serbia are their backyard.

The envoys warned that Serbia faces the end of the EU integration process, as well as stopping and withdrawing investments if the plan is rejected, Vucic said. Among other issues potentially in jeopardy of no deal, he said, is the end of visa-free travel. The EU is by far Serbia's biggest donor and investor.