Presidential Documents

29527

Federal Register

Vol. 63, No. 103

Friday, May 29, 1998

Title 3—

The President

Notice of May 28, 1998

Continuation of Emergency With Respect to the Federal

Republic of Yugoslavia (Serbia and Montenegro) and the

Bosnian Serbs

On May 30, 1992, by Executive Order 12808, President Bush declared a

national emergency to deal with the unusual and extraordinary threat to

the national security, foreign policy, and economy of the United States

constituted by the actions and policies of the Governments of Serbia and

Montenegro, blocking all property and interests in property of those Governments. President Bush took additional measures to prohibit trade and other

transactions with the Federal Republic of Yugoslavia (Serbia and Montenegro)

by Executive Order 12810 and 12831, issued on June 5, 1992, and January

15, 1993, respectively. On April 25, 1993, I issued Executive Order 12846,

blocking the property and interests in property of all commercial, industrial,

or public utility undertakings or entities organized or located in the Federal

Republic of Yugoslavia (Serbia and Montenegro), and prohibiting trade-related transactions by United States persons involving those areas of Bosnia

and Herzegovina controlled by Bosnian Serb forces and the United Nations

Protected Areas in the Republic of Croatia. On October 25, 1994, because

of the actions and policies of the Bosnian Serbs, I expanded the scope

of the national emergency by issuing Executive Order 12934 to block the

property of the Bosnian Serb forces and the authorities in the territory

that they control within Bosnia and Herzegovina, as well as the property

of any entity organized or located in, or controlled by any person in, or

resident in, those areas.

On December 27, 1995, I issued Presidential Determination No. 96–7, directing the Secretary of the Treasury, inter alia, to suspend the application

of sanctions imposed on the Federal Republic of Yugoslavia (Serbia and

Montenegro) pursuant to the above-referenced Executive orders and to continue to block property previously blocked until provision is made to address

claims or encumbrances, including the claims of the other successor states

of the former Yugoslavia. This sanctions relief, in conformity with United

Nations Security Council Resolution 1022 of November 22, 1995 (hereinafter

the ‘‘Resolution’’), was an essential factor motivating Serbia and Montenegro’s

acceptance of the General Framework Agreement for Peace in Bosnia and

Herzegovina initialed by the parties in Dayton on November 21, 1995, and

signed in Paris on December 14, 1995 (hereinafter the ‘‘Peace Agreement’’).

The sanctions imposed on the Federal Republic of Yugoslavia (Serbia and

Montenegro) were accordingly suspended prospectively, effective January

16, 1996. Sanctions imposed on the Bosnian Serb forces and authorities

and on the territory that they control within Bosnia and Herzegovina were

subsequently suspended prospectively, effective May 10, 1996, also in conformity with the Peace Agreement and the Resolution. Sanctions against

both the Federal Republic of Yugoslavia (Serbia and Montenegro) and the

Bosnian Serbs were subsequently terminated by United Nations Security

Council Resolution 1074 of October 1, 1996. This termination, however,

did not end the requirement of the Resolution that blocked funds and

assets that are subject to claims and encumbrances remain blocked, until

unblocked in accordance with applicable law.
29528 Federal Register / Vol. 63, No. 103 / Friday, May 29, 1998 / Presidential Documents

In the last year, further substantial progress has been achieved to bring

about a settlement of the conflict in the former Yugoslavia acceptable to

the parties. Another set of elections occurred in Bosnia and Herzegovina,

as provided for in the Peace Agreement, and the Bosnian Serb forces have

continued to respect the zones of separation as provided in the Peace Agreement. The ultimate disposition of the various remaining categories of blocked

assets is being addressed on a case-by-case basis.

Until the status of all remaining blocked property is resolved, the Peace

Agreement implemented, and the terms of the Resolution met, the national

emergency declared on May 30, 1992, as expanded in scope on October

25, 1994, and the measures adopted pursuant thereto to deal with that

emergency must continue beyond May 30, 1998.

Therefore, in accordance with section 202(d) of the National Emergencies

Act (50 U.S.C. 1622(d)), I am continuing the national emergency with respect

to the Federal Republic of Yugoslavia (Serbia and Montenegro) and the

Bosnian Serb forces and those areas of Bosnia and Herzegovina under the

control of the Bosnian Serb forces. This notice shall be published in the

[FR Doc. 98–14527

Federal Register 

THE WHITE HOUSE,

May 28, 1998.

and transmitted to the Congress.

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Filed 5–28–98; 12:06 pm]

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