As part of the U.S. Government's efforts to assist the Federal Republic of Yugoslavia (Serbia & Montenegro) in recovering from the effects of the Milosevic regime, OFAC has issued general licenses, effective 60 days after today's publication in the Federal Register, authorizing the unblocking of all remaining blocked property and interests in property under the Federal Republic of Yugoslavia (Serbia & Montenegro) Sanctions Regulations, 31 C.F.R. Part 585, and the Federal Republic of Yugoslavia (Serbia and Montenegro) Kosovo Sanctions Regulations, 31 C.F.R. Part 586, with the following three exceptions:
- property or interests in property of diplomatic and/or consular missions of the former Socialist Federal Republic of Yugoslavia,
- property or interests in property of those persons who are presently subject to sanctions under either the Milosevic Regulations set forth at 31 CFR part 587 or the Western Balkans Transactions Regulations set forth at 31 CFR part 588, or who are otherwise subject to sanctions under other parts of 31 CFR chapter V, and
- property or interests in property of the central bank of the former Socialist Federal Republic of Yugoslavia, i.e., the National Bank of Yugoslavia, that have been blocked pursuant to 31 CFR part 585. (Property and interests in property of the National Bank of Yugoslavia blocked pursuant to 31 CFR part 586 will be unblocked in accordance with the general license issued at 586.520.)
OFAC has also issued general licenses, effective upon today's publication in the Federal Register, authorizing any person or government to seek judicial or other legal process with respect to property or interests in property being unblocked. These general licenses are intended to help persons and governments, including the successor states to the former Socialist Federal Republic of Yugoslavia, to protect any rights they may have with respect to such property or interests in property.