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Serbian Prime Minister Ana Brnabić said on November 20 that the military intelligence agency has been instructed to investigate allegations that a person has been bribed by a Russian military intelligence agent.
The video posted to YouTube on November 17 by an account named 'Kdjuey Lskduf' is titled "Russian Intelligence Officer Meeting a Serbian Spy".
"I'm waiting for new information. I'm in touch with the president (Aleksandar Vucic). If it's true, it's a serious problem," she said.
The picture shows a Russian diplomat giving the Serbian agent a plastic bag during a meeting in Belgrade. The Serb is later seen pulling out an envelope of money from the same bag.
Serbian public television has reported that the State Intelligence Agency has confirmed the video's authenticity.
Relja Zheljski, an analyst at the agency, told the public broadcaster that it was confirmed that the Russian agent has been part of the video.
Zeljski, however, did not gave details on the person's identity.
Officials have said more information will be released after a meeting to be held on November 21 at the National Security Council.
Vucic is also expected to meet with Russian Ambassador Alexander Bocan Harchenko on November 21.
Christo Grozev, a member of the British-based research group Bellingcat, has identified one of the first persons in the video as Russian military deputy attaché Georgy Kleban.
Serbia's foreign ministry has said Kleban has been an assistant defense envoy at the Russian embassy in Belgrade until June 2019.
Serbia is aiming for EU membership but remains a close ally with Moscow and has pledged to remain militarily neutral, despite Balkan countries seeking NATO membership.
Belgrade has also refused to join the West in imposing sanctions on Russia because of its role in Ukraine.