29 May 1998
Source: http://www.access.gpo.gov/su_docs/aces/aaces002.html

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[Federal Register: May 29, 1998 (Volume 63, Number 103)]
[Presidential Documents]
[Page 29525-29528]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr29my98-111]

[[Page 29525]]

_______________________________________________________________________

Part VIII

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

                        Presidential Documents

___________________________________________________________________

Title 3--
The President

[[Page 29527]]

                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.

[[Page 29528]]

                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 Federal
                Register and transmitted to the Congress.

                    (Presidential Sig.)<Clinton1><Clinton2>

                THE WHITE HOUSE,

                    May 28, 1998.

[FR Doc. 98-14527
Filed 5-28-98; 12:06 pm]
Billing code 3195-01-P
