[Code of Federal Regulations]
[Title 3, Volume 1]
[Revised as of January 1, 2003]
From the U.S. Government Printing Office via GPO Access
[CITE: 3CFRMay27]

Notice of May 27, 2002

Continuation of Emergency With Respect to the Federal Republic of 
Yugoslavia (Serbia and Montenegro)

          In accordance with section 202(d) of the National Emergencies 
          Act (50 U.S.C. 1622(d)), I am continuing for 1 year the 
          national emergency declared on May 30, 1992, with respect to 
          the Federal Republic of Yugoslavia (Ser- bia and Montenegro) 
          (the ``FRY (S&M)''), as expanded on October 25, 1994, in 
          response to the actions and policies of the Bosnian Serbs. In 
          addition,

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          I am continuing for 1 year the national emergency declared on 
          June 9, 1998, with respect to the FRY (S&M)'s policies and 
          actions in Kosovo. This notice shall be published in the 
          Federal eister and transmitted to the 
          Congress.
          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. 
          Under this emergency, President Bush first blocked all 
          property and interests in property of the Governments of the 
          FRY (S&M), Serbia, and Montenegro and subsequently prohibited 
          trade and other transactions with the FRY (S&M).
          On October 25, 1994, President Clinton expanded the scope of 
          the national emergency by issuing Executive Order 12934 to 
          address the unusual and extraordinary threat to the national 
          security, foreign policy, and economy of the United States 
          posed by the actions and policies of the Bosnian Serb forces 
          and the authorities in the territory that they controlled 
          within Bosnia and Herzegovina.
          On December 27, 1995, President Clinton issued Presidential 
          Determination 96-7, directing the Secretary of the Treasury, 
          inter alia, to suspend the application of sanctions imposed on 
          the FRY (S&M) 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, was an essential factor motivating the FRY (S&M)'s 
          acceptance of a peace agreement initialed by the parties in 
          Dayton on November 21, 1995, and signed in Paris on December 
          14, 1995 (hereinafter the ``Peace Agreement''). Sanctions 
          against both the FRY (S&M) and the Bosnian Serb forces were 
          terminated in conjunction with United Nations Security Council 
          Resolution 1074 of October 1, 1996. This termination, however, 
          did not end a requirement that those blocked funds and assets 
          that are subject to claims or encumbrances remain blocked, 
          until unblocked in accordance with applicable law.
          Until the status of all remaining blocked property is 
          resolved, the Peace Agreement implemented, and the terms of 
          the United Nations Security Council Resolution 1022 met, the 
          national emergency declared on May 30, 1992, and the measures 
          adopted pursuant thereto to deal with that emergency, must 
          continue beyond May 30, 2002.
          On June 9, 1998, by Executive Order 13088, President Clinton 
          found that the actions and policies of the FRY (S&M) and the 
          Republic of Serbia with respect to Kosovo, constituted an 
          unusual and extraordinary threat to the national security and 
          foreign policy of the United States. President Clinton 
          therefore declared a national emergency to deal with that 
          threat.
          On January 17, 2001, President Clinton issued Executive Order 
          13192 amending Executive Order 13088 to lift and modify, with 
          respect to future transactions, most of the economic sanctions 
          imposed against the FRY (S&M). At the same time, Executive 
          Order 13192 imposes restrictions on transactions with certain 
          persons described in section 1(a) of the order, namely persons 
          under open indictment for war crimes by the International 
          Criminal Tribunal for the Former Yugoslavia (ICTY). It also 
          provides for the

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          continued blocking of property or interests in property 
          blocked prior to the order's effective date due to the need to 
          address claims or encumbrances involving such property.
          Because the crisis with respect to the situation in Kosovo and 
          with respect to Slobodan Milosevic, his close associates and 
          supporters and persons under open indictment for war crimes by 
          the ICTY has not been resolved, and because the status of all 
          previously blocked property has yet to be resolved, I have 
          determined that the national emergency declared on June 9, 
          1998, and the measures adopted pursuant thereto to deal with 
          that emergency, must continue beyond June 9, 2002.

GEORGE W. BUSH

THE WHITE HOUSE,

May 27, 2002.