Serbia's only oil refinery prepared to shut down on Tuesday, as the country's president set a deadline for the firm's Russian majority-owners to sell out and end US sanctions.

President Aleksandar Vucic, speaking to the press in Belgrade, said the Pancevo refinery had scaled back operations, with a "complete halt" just four days away.

"It has not been shut down yet, but it is already running at a reduced level compared to normal," Vucic said, weeks after sanctions cut off the refinery's supply of crude oil.

The Petroleum Industry of Serbia (NIS) confirmed in a statement that the refinery had been reduced to a "warm circulation" as it prepared for shutdown if no new crude was received.

Since October 9, Belgrade has been scrambling to solve a looming winter energy crisis after the long-d

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