Unblocking of Assets; Federal Republic of Yugoslavia (Serbia & Montenegro) and Bosnian Serb-Controlled Areas of the Republic of Bosnia and Herzegovina Sanctions Regulations; Federal Republic of Yugoslavia (Serbia & Montenegro) Kosovo Sanctions Regulations

The Office of Foreign Assets Control ("OFAC") of the U.S. Department of Treasury is issuing general licenses, to be effective February 25, 2003, unblocking certain property and interests in property presently blocked pursuant to the Federal Republic of Yugoslavia (Serbia & Montenegro) and Bosnian Serb-controlled areas of the Republic of Bosnia and Herzegovina Sanctions Regulations set forth at 31 CFR part 585 and the Federal Republic of Yugoslavia (Serbia & Montenegro) Kosovo Sanctions Regulations set forth at 31 CFR part 586. The general licenses effecting the unblocking under both of the above sets of regulations will not apply to property or interests in property of those persons who are presently subject to sanctions under either the Federal Republic of Yugoslavia (Serbia & Montenegro) 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. In addition, the general license effecting the unblocking under 31 CFR part 585 will not apply to property or interests in property of diplomatic and/or consular missions of the former Socialist Federal Republic of Yugoslavia or to the blocked property or interests in property of the National Bank of Yugoslavia subject to part 585. In order to allow for claims and encumbrances associated with the property and interests in property being unblocked to be addressed, OFAC is also issuing general licenses, effective December 27, 2002, authorizing any person or government to seek judicial or other legal protection of any rights they may have with respect to the property and interests in property being unblocked.