Circular
Office of Foreign Assets Control
June 12, 1998
Circular No. 11059

Additional Sanctions Against
Yugoslavia, Serbia, and Montenegro

To All Depository Institutions and Others Concerned in the Second Federal Reserve District:

Following is a bulletin that the Office of Foreign Assets Control (OFAC) of the U.S. Department of the Treasury has sent to on-line depository institutions, regarding additional sanctions against the governments, financial institutions, and other entities of Yugoslavia, Serbia, and Montenegro:

"FOR IMMEDIATE ATTENTION--A BULLETIN FROM THE OFFICE OF FOREIGN ASSETS CONTROL"

NEW SANCTIONS HAVE BEEN IMPOSED AGAINST THE GOVERNMENTS OF SERBIA, MONTENEGRO, AND THE FEDERAL REPUBLIC OF YUGOSLAVIA (SERBIA & MONTENEGRO). ALL PROPERTY IN WHICH THESE GOVERNMENTS HAVE AN INTEREST IS BLOCKED IMMEDIATELY AND FINANCIAL TRANSACTIONS INVOLVING THEM ARE PROHIBITED, EXCEPT FOR TRANSACTIONS WITHIN TERRITORY OF FRY (S&M) CONDUCTED EXCLUSIVELY THROUGH ITS DOMESTIC BANKING SYSTEM IN DINARS OR USING BANK NOTES OR BARTER. DEFINITION OF GOVERNMENT INCLUDES ALL FINANCIAL INSTITUTIONS, ALL STATE-AND SOCIALLY-OWNED ENTITIES ORGANIZED OR LOCATED IN SERBIA, MONTENEGRO OR THE FRY (S&M), AND THEIR RESPECTIVE SUBSIDIARIES AND BRANCHES WHEREVER LOCATED. OFAC WILL BE UPDATING SDN LIST LATER TODAY. ALSO LATER TODAY, SEE OFAC, USUAL BULLETIN BOARDS, OR OFAC'S FAX-ON-DEMAND SERVICE AT 302/622-0077, OR CALL OFAC COMPLIANCE AT 800/540-6322 FOR DETAILS.

COMPL98102

We will send you an updated list of Specially Designated Nationals reflecting these actions after we receive it. If you have any questions, contact OFAC, as specified above.