[Code of Federal Regulations]
[Title 31, Volume 2]
[Revised as of July 1, 2003]
From the U.S. Government Printing Office via GPO Access
[CITE: 31CFR586.201]

[Page 857]
 
                  TITLE 31--MONEY AND FINANCE: TREASURY
 
 CHAPTER V--OFFICE OF FOREIGN ASSETS CONTROL, DEPARTMENT OF THE TREASURY
 
PART 586--FEDERAL REPUBLIC OF YUGOSLAVIA (SERBIA & MONTENEGRO) KOSOVO SANCTIONS REGULATIONS--Table of Contents
 
                         Subpart B--Prohibitions
 
Sec. 586.201  Prohibited transactions involving blocked property.


    (a) Except as authorized by regulations, orders, directives, 
rulings, instructions, licenses, or otherwise, no property or interests 
in property of the Governments of the FRY (S&M), the Republic of Serbia, 
and the Republic of Montenegro, that are in the United States, that 
hereafter come within the United States, or that are or hereafter come 
within the possession or control of U.S. persons, including their 
overseas branches, may be transferred, paid, exported, withdrawn or 
otherwise dealt in.

    Note to paragraph (a) of Sec. 586.201:
    See note at end of this section with regard to the lifting of 
certain sanctions effective January 19, 2001.

    (b) The blocking of property and property interests in paragraph (a) 
of this section includes the prohibition of financial transactions with, 
including trade financing for, the Governments of the FRY (S&M), the 
Republic of Serbia, and the Republic of Montenegro by United States 
persons.

    Note to paragraph (b) of Sec. 586.201:
    See note at end of this section with regard to the lifting of 
certain sanctions effective January 19, 2001.

    (c) Property or interests in property blocked pursuant to Executive 
Order 13088 of June 9, 1998, as amended by Executive Order 13121 of 
April 30, 1999, and this part prior to 12:01 a.m. eastern standard time, 
January 19, 2001, are blocked, and may not be transferred, paid, 
exported or otherwise dealt in except as otherwise authorized by the 
Secretary of the Treasury.

    Note to paragraph (c) of Sec. 586.201:
    See note at end of this section with regard to the lifting of 
certain sanctions effective January 19, 2001.

    (d) Unless otherwise authorized by this part or by a specific 
license expressly referring to this section, the transfer (including the 
transfer on the books of any issuer or agent thereof), disposition, 
transportation, importation, exportation, or withdrawal of, or the 
endorsement or guaranty of signatures on, or otherwise dealing in any 
security (or evidence thereof) registered or inscribed in the name of 
the Governments of the FRY (S&M), the Republic of Serbia, and the 
Republic of Montenegro, and held within the possession or control of a 
U.S. person is prohibited, irrespective of the fact that at any time 
(either prior to, on, or subsequent to the effective date) the 
registered or inscribed owner thereof may have, or appears to have, 
assigned, transferred, or otherwise disposed of any such security.

    Note to paragraph (d) of Sec. 586.201:
    See note at end of this section with regard to the lifting of 
certain sanctions effective January 19, 2001.

    (e) When a transaction results in the blocking of funds at a 
financial institution pursuant to this section and a party to the 
transaction believes the funds have been blocked due to mistaken 
identity, that party may seek to have such funds unblocked pursuant to 
the administrative procedures set forth in Sec. 501.806 of this chapter.

    Note to Sec. 586.201: Section 1(a) of Executive Order 13192 of 
January 17, 2001 (66 FR 7379, January 23, 2001), amended Executive Order 
13088 of June 9, 1998 (63 FR 32109, June 12, 1998), to remove 
prospectively the prohibition on transactions that involve blocked 
property and interests in property of the Governments of the FRY(S&M), 
the Republic of Serbia, and the Republic of Montenegro. Consequently, 
with the exception of transactions involving property or interests in 
property of persons designated in or pursuant to 31 CFR Sec. 587.201(a), 
transactions or transfers by U.S. persons that involve the property or 
interests in property of the FRY(S&M) and that occur on or after January 
19, 2001, are not prohibited by Secs. 586.201(a), (b), or (d). Executive 
Order 13088, as amended by Executive Order 13192, however, also requires 
that all property or interests in property blocked pursuant to Executive 
Order 13088 prior to January 19, 2001, shall remain blocked, except as 
otherwise authorized by the Secretary of the Treasury. See 
Sec. 586.201(c). The continued blocking of previously blocked property 
is necessary until provision is made to address claims or encumbrances 
with respect to such property.

[63 FR 54576, Oct. 13, 1998, as amended at 66 FR 50509, Oct. 3, 2001]