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