Unblocking of Yugoslav Assets

The United States today has moved significantly closer to normalizing economic relations with all of the successor states of the former Yugoslavia by taking steps toward unblocking a substantial portion of the blocked assets of the former Yugoslavia (Socialist Federal Republic of Yugoslavia). This action follows Secretary Colin L. Powell’s statement May 21 in which he indicated that the United States would be taking actions through the Treasury Department to begin the process of unblocking Yugoslav assets. These assets were blocked during the 1990's under a series of economic sanctions imposed by the United States in response to the Milosevic-era wars in the former Yugoslavia.

The United States firmly believes that economic growth and foreign investment are critical to the economic recovery and political stability of each state in Southeastern Europe and the region as a whole. By unblocking these assets, the United States hopes to aid in improving the regional economic environment and fostering increased trade and investment in Southeastern Europe.