[Weekly Compilation of Presidential Documents Volume 34, Number 22 (Monday, June 1, 1998)]
[Pages 995-996]
[Online from the Government Publishing Office, www.gpo.gov]

<R04>
Notice--Continuation of Emergency With Respect to the Federal Republic 
of Yugoslavia (Serbia and Montenegro) and the Bosnian Serbs

May 28, 1998

    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 
sanction 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.
    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

[[Page 996]]

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.
                                            William J. Clinton
The White House,
May 28, 1998.

[Filed with the Office of the Federal Register, 12:06 p.m., May 28, 
1998]

Note: This notice was published in the Federal Register on May 29.