Letter to Congressional Leaders on Additional Measures With Respect to the Federal Republic of Yugoslavia (Serbia and Montenegro)

Dear Mr. Speaker: (Dear Mr. President:)

On June 1, 1992, pursuant to section 204(b) of the International Emergency Economic Powers Act (50 U.S.C. 1703(b)) and section 301 of the National Emergencies Act (50 U.S.C. 1631), I reported to the Congress by letters to the President of the Senate and the Speaker of the House, dated May 30, 1992, that I had exercised my statutory authority to issue Executive Order No. 12808 of May 30, 1992, declaring a national emergency and blocking "Yugoslav Government" property and property of the Governments of Serbia and Montenegro.

On June 5, 1992, pursuant to the above authorities as well as section 1114 of the Federal Aviation Act of 1958, as amended (49 U.S.C. App. 1514), and section 5 of the United Nations Participation Act of 1945, as amended (22 U.S.C. 287c), I reported to the Congress by letters to the President of the Senate and the Speaker of the House, that I had exercised my statutory authority to issue Executive Order No. 12810 of June 5, 1992, blocking property of and prohibiting transactions with the Federal Republic of Yugoslavia (Serbia and Montenegro). This latter action was taken to ensure that the economic measures that we are taking with respect to the Federal Republic of Yugoslavia (Serbia and Montenegro) conform to U.N. Security Council Resolution No. 757 (May 30, 1992).

On November 16, 1992, the U.N. Security Council adopted Resolution No. 787, calling on member states to take additional measures to tighten the embargo against the Federal Republic of Yugoslavia (Serbia and Montenegro). On January 15, 1993, I took additional steps pursuant to the above statutory authorities to enhance the implementation of this international embargo and to conform to U.N. Security Council Resolution 787 (November 16, 1992).

The order that I signed on January 15, 1993:

-- prohibits any transaction within the United States or by a United States person related to the transshipment of commodities or products through the Federal Republic of Yugoslavia (Serbia and Montenegro) and revokes the previous exception for such transshipment contained in Executive Order No. 12810;

-- prohibits any transaction within the United States or by a United States person relating to any vessel, regardless of the flag under which it sails, in which a majority or controlling interest is held by a person or entity in the Federal Republic of Yugoslavia (Serbia and Montenegro); and

-- requires for purposes of Executive Order No. 12810 that any such vessel be considered as a vessel of the Federal Republic of Yugoslavia (Serbia and Montenegro).

The order that I signed on January 15, 1993, authorizes the Secretary of the Treasury in consultation with the Secretary of State to take such actions as may be necessary to carry out the purposes of this order. Such actions may include the prohibition and regulation of trade and financial transactions involving any areas of the territory of the former Socialist Federal Republic of Yugoslavia as to which there is no adequate assurance that such transactions will not be diverted to the benefit of the Federal Republic of Yugoslavia (Serbia and Montenegro).

The declaration of the national emergency made by Executive Order No. 12808 and the controls imposed under Executive Order No. 12810 and any other provisions of that order and of Executive Order No. 12810 not modified by or inconsistent with the January 15, 1993, order, remain in force and are unaffected by that order.

Sincerely,

George Bush