Presidential Documents

32109

Federal Register

Vol. 63, No. 113

Friday, June 12, 1998

Title 3—

The President

Executive Order 13088 of June 9, 1998

Blocking Property of the Governments of the Federal Republic of Yugoslavia (Serbia and Montenegro), the Republic of

Serbia, and the Republic of Montenegro, and Prohibiting

New Investment in the Republic of Serbia in Response to the

Situation in Kosovo

By the authority vested in me as President by the Constitution and the

laws of the United States of America, including the International Emergency

Economic Powers Act (IEEPA) (50 U.S.C. 1701 et seq.), the National Emergencies Act (50 U.S.C. 1601 et seq.), and section 301 of title 3, United

States Code,

I, WILLIAM J. CLINTON, President of the United States of America, find

that the actions and policies of the Governments of the Federal Republic

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

respect to Kosovo, by promoting ethnic conflict and human suffering, threaten

to destabilize countries of the region and to disrupt progress in Bosnia

and Herzegovina in implementing the Dayton peace agreement, and therefore

constitute an unusual and extraordinary threat to the national security and

foreign policy of the United States, and hereby declare a national emergency

to deal with that threat.

I hereby order:

Section 1. (a) Except to the extent provided in section 2 of this order,

section 203(b) of IEEPA (50 U.S.C. 1702(b)), and in regulations, orders,

directives, or licenses that may hereafter be issued pursuant to this order,

all property and interests in property of the Governments of the Federal

Republic of Yugoslavia (Serbia and Montenegro), the Republic of Serbia,

and the Republic of Montenegro that are in the United States, that hereafter

come within the United States, or that are or hereafter come within the

possession or control of United States persons, including their overseas

branches, are hereby blocked.

(b) The blocking of property and property interests in paragraph (a) of

this section includes the prohibition of financial transactions with, including

trade financing for, the Governments of the Federal Republic of Yugoslavia

(Serbia and Montenegro), the Republic of Serbia, and the Republic of Montenegro by United States persons.

Sec. 2. Nothing in section 1 of this order shall prohibit financial transactions, including trade financing, by United States persons within the territory of the Federal Republic of Yugoslavia (Serbia and Montenegro) if (a)

conducted exclusively through the domestic banking system within the Federal Republic of Yugoslavia (Serbia and Montenegro) in local currency (dinars), or (b) conducted using bank notes or barter.

Sec. 3. Except as otherwise provided in regulations, orders, directives,

or licenses that may hereafter be issued pursuant to this order, all new

investment by United States persons in the territory of the Republic of

Serbia, and the approval or other facilitation by United States persons of

other persons’ new investment in the territory of the Republic of Serbia,

are prohibited.
32110 Federal Register / Vol. 63, No. 113 / Friday, June 12, 1998 / Presidential Documents

Sec. 4. Any transaction by a United States person that evades or avoids,

or has the purpose of evading or avoiding, or attempts to violate, any

of the prohibitions set forth in this order is prohibited.

Sec. 5. For the purposes of this order:

(a) The term ‘‘person’’ means an individual or entity;

(b) The term ‘‘entity’’ means a partnership, association, trust, joint venture,

corporation, or other organization;

(c) The term ‘‘new investment’’ means (i) the acquisition of debt or equity

interests in, (ii) a commitment or contribution of funds or other assets

to, or (iii) a loan or other extensionof credit to, a public or private undertaking, entity, or project, including the Government of the Republic of Serbia,

other than donations of funds for purely humanitarian purposes to charitable

organizations;

(d) The term ‘‘United States person’’ means any United States citizen,

permanent resident alien, juridical person organized under the laws of the

United States (including foreign branches), or any person in the United

States;

(e) The term ‘‘Government of the Federal Republic of Yugoslavia (Serbia

and Montenegro)’’ means the government of the Federal Republic of Yugoslavia (Serbia and Montenegro), its agencies, instrumentalities, and controlled

entities, including all financial institutions and state-owned and socially

owned entities organized or located in the Federal Republic of Yugoslavia

(Serbia and Montenegro) as of June 9, 1998, any successors to such entities,

and their respective subsidiaries and branches, wherever located, and any

persons acting or purporting to act for or on behalf of any of the foregoing;

(f) The term ‘‘Government of the Republic of Serbia’’ means the government

of the Republic of Serbia, including any subdivisions thereof or local governments therein, its agencies, instrumentalities, and controlled entities, including all financial institutions and state-owned and socially owned entities

organized or located in the Republic of Serbia as of June 9, 1998, any

successors to such entities, and their respective subsidiaries and branches,

wherever located, and any persons acting or purporting to act for or on

behalf of any of the foregoing;

(g) The term ‘‘Government of the Republic of Montenegro’’ means the

government of the Republic of Montenegro, including any subdivisions thereof or local governments therein, its agencies, instrumentalities, and controlled

entities, including all financial institutions and state-owned and socially

owned entities organized or located in the Republic of Montenegro as of

June 9, 1998, any successors to such entities, and their respective subsidiaries

and branches, wherever located, and any persons acting or purporting to

act for or on behalf of any of the foregoing.

Sec. 6. The Secretary of the Treasury, in consultation with the Secretary

of State, is hereby authorized to take such actions, including the promulgation

of rules and regulations, and to employ all powers granted to me by the

International Emergency Economic Powers Act, as may be necessary to carry

out the purposes of this order. The Secretary of the Treasury may redelegate

any of these functions to other officers and agencies of the United States

Government, all agencies of which are hereby directed to take all appropriate

measures within their authority to carry out the provisions of this order,

including suspension or termination of licenses or other authorizations in

effect as of the effective date of this order.

Sec. 7. The Secretary of the Treasury, in consultation with the Secretary

of State, shall give special consideration to the circumstances of the Government of the Republic of Montenegro and persons located in and organized

under the laws of the Republic of Montenegro in the implementation of

this order.
Federal Register / Vol. 63, No. 113 / Friday, June 12, 1998 / Presidential Documents 32111

Sec. 8. Nothing contained in this order shall confer any substantive or

procedural right or privilege on any person or organization, enforceable

against the United States, its agencies or its officers.

Sec. 9. (a) This order is effective at 12:01 a.m. eastern daylight time

on June 10, 1998.

(b) This order shall be transmitted to the Congress and published in

[FR Doc. 98–15888

the 

THE WHITE HOUSE,

June 9, 1998.

Federal Register.

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Filed 6–11–98; 8:45 am]

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