[Federal Register Volume 62, Number 103 (Thursday, May 29, 1997)]
[Presidential Documents]
[Pages 29283-29284]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 97-14279]



[[Page 29281]]

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Part VII





The President





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Notice of May 28, 1997--Continuation of Emergency With Respect to the 
Federal Republic of Yugoslavia (Serbia and Montenegro) and the Bosnian 
Serbs
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  Federal Register / Vol. 62, No. 103 / Thursday, May 29, 1997 / 
Presidential Documents  

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 Title 3--
 The President

[[Page 29283]]

                Notice of May 28, 1997

                
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 Orders 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 the Republic 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 the Republic of 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 the Republic of 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.

                In the last year, substantial progress has been 
                achieved to bring about a settlement of the conflict in 
                the former Yugoslavia acceptable to the parties. 
                Elections occurred in the Republic of Bosnia and 
                Herzegovina, as provided

[[Page 29284]]

                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 now being addressed, beginning with 
                the unblocking of five Yugoslav vessels located in 
                various United States ports effective May 19, 1997.

                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, 1997.

                 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 the 
                Republic 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.)

                THE WHITE HOUSE,

                    May 28, 1997.

[FR Doc. 97-14279
Filed 5-28-97; 11:25 am]
Billing code 4810-25-P