US Government Takes Steps to Assist Serbia and Montenegro’s Post-Milosevic Recovery

The United States Department of the Treasury’s Office of Foreign Assets Control (OFAC) has taken significant steps to facilitate the recovery of Serbia and Montenegro from the devastating effects of the Milosevic regime. The measures, published in the Federal Register, aim to authorize the unblocking of remaining blocked property and interests in property under two sets of sanctions regulations.

Unblocked Property and Interests

According to the new rules, three categories of property or interests in property will remain blocked:

• Diplomatic and Consular Missions: Those belonging to diplomatic and/or consular missions of the former Socialist Federal Republic of Yugoslavia.
• Sanctioned Entities: Those subject to sanctions under other parts of 31 CFR chapter V.
• National Bank of Yugoslavia: The central bank’s assets blocked under 31 CFR part 585 will be unblocked in accordance with a separate general license issued under 31 CFR part 586.

Judicial and Legal Process

In addition to these measures, OFAC has also authorized any person or government to seek judicial or other legal process regarding property or interests in property being unblocked. This move is designed to enable individuals and governments, including the successor states to the former Socialist Federal Republic of Yugoslavia, to protect their rights with respect to such assets.

Broader Effort

The actions are part of a broader effort by the US Government to support Serbia and Montenegro’s transition towards democracy and stability following the collapse of the Milosevic regime. The goal is to help these countries recover from the devastating effects of the regime and move forward on a path of peace, prosperity, and cooperation with the international community.