[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: 31CFR586.407]

[Page 864]
 
                  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 D--Interpretations
 
Sec. 586.407  Offshore transactions.

    (a) The prohibitions contained in Sec. 586.201 apply to transactions 
by any U.S. person in a location outside the United States with respect 
to property in which the U.S. person knows, or has reason to know, that 
a person whose property and interests in property are blocked pursuant 
to Sec. 586.201 has or has had an interest since the effective date.
    (b) Prohibited transactions include, but are not limited to, 
importation into or exportation from locations outside the United States 
of, or purchasing, selling, financing, swapping, insuring, transporting, 
lifting, storing, incorporating, transforming, brokering, or otherwise 
dealing in, within such locations, goods, technology or services in 
which the U.S. person knows, or has reason to know, that a person whose 
property and interests in property are blocked pursuant to Sec. 586.201 
has or has had an interest since the effective date.
    (c) Examples: (1) A U.S. person may not, within the United States or 
abroad, purchase, sell, finance, insure, transport, act as a broker for 
the sale or transport of, or otherwise deal in, furniture, shoes or 
other goods manufactured by a state or socially-owned entity organized 
or located in the FRY (S&M).
    (2) A U.S. person may not, within the United States or abroad, 
conduct transactions of any nature whatsoever with an entity that the 
U.S. person knows or has reason to know is a state or socially-owned 
entity within the territory of the FRY (S&M), or which benefits or 
supports the business of such an entity, unless the entity is licensed 
by the Office of Foreign Assets Control to conduct such transactions 
with U.S. persons or the transaction is generally licensed in, or 
exempted from the prohibitions of, this part.

    Note to Sec. 586.407: See Sec. 586.513 with regard to the 
authorization of certain trade-related transactions.