(ANSA) - BELGRADE, NOV 25 - Serbian President Aleksandar Vucic has warned that continued US sanctions against Serbian oil group NIS (Naftna Industrija Srbije) will have serious consequences for the country's entire energy, economic, and financial systems. These sanctions are based on the fact that Russian energy giant Gazprom owns the majority stake. The sanctions, which had been delayed since their announcement earlier this year by the previous US administration of Joe Biden, went into effect on October 9. Speaking at a live televised press conference today, Vucic stated that the large NIS refinery in Pancevo is still operational, but at a reduced capacity, and that if the US financial authorities do not renew the licence within the next four days, it will be forced to shut down completely. (ANSA).