There can little doubt over whether Serbia should and will be punished; but it is the level of punishment that is important.
We should not read too much into UEFA investigating the conduct of England's players as they have to be seen to be even handed about this.
Of course, it is the allegations of racism that are important and UEFA has a pretty poor record in dealing with this strongly.
The Serbians are on a final warning with UEFA, so that perhaps goes some way to explaining why they were so combative in their statement.
If their fans are found guilty of racist chanting, Serbia should be banned from international football. If not, frankly, Uefa's credibility where racism is concerned is all but worthless.