[Federal Register Volume 63, Number 113 (Friday, June 12, 1998)]
[Presidential Documents]
[Pages 32109-32111]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 98-15888]


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                         Presidential Documents 
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  Federal Register / Vol. 63, No. 113 / Friday, June 12, 1998 / 
Presidential Documents  

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 Title 3--
 The President

[[Page 32109]]

                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.

[[Page 32110]]

                    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.

[[Page 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 the Federal Register.

                    (Presidential Sig.)

                THE WHITE HOUSE,

                     June 9, 1998.

[FR Doc. 98-15888
Filed 6-11-98; 8:45 am]
Billing code 3195-01-P