"We are all disappointed about South Stream," Ivica Dacic said, according to the Russian news service TASS. "This is a project that we were all invested in, economically and energetically. Serbia needs this project; it guarantees the energy security of the country."
The pipeline would have passed through Serbia on its way to Austria and other Central European countries.
Dacic spoke in Moscow, where he met with Russian Foreign Minister Sergei Lavrov.
Lavrov said he was "sure that decisions will be made under new conditions," and that "Serbian interests will be taken into account."
The South Stream pipeline project ran into obstacles from the European Union over building permits and other EU regulations. During an official state visit to Turkey on Dec. 1, Russian president Vladimir Putin said the project had been canceled.