98-29789. Federal Republic of Yugoslavia (Serbia & Montenegro) and Bosnian Serb-Controlled Areas of the Republic of Bosnia and Herzegovina Sanctions Regulations: Resolution of Claims Regarding Blocked Montenegrin Vessel Accounts  

  • [Federal Register Volume 63, Number 215 (Friday, November 6, 1998)]
    [Rules and Regulations]
    [Pages 59883-59884]
    From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
    [FR Doc No: 98-29789]
    
    
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    DEPARTMENT OF THE TREASURY
    
    Office of Foreign Assets Control
    
    31 CFR Part 585
    
    
    Federal Republic of Yugoslavia (Serbia & Montenegro) and Bosnian 
    Serb-Controlled Areas of the Republic of Bosnia and Herzegovina 
    Sanctions Regulations: Resolution of Claims Regarding Blocked 
    Montenegrin Vessel Accounts
    
    AGENCY: Office of Foreign Assets Control, Department of the Treasury
    
    ACTION: Final rule; amendment.
    
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    SUMMARY: The Office of Foreign Assets Control is amending the Federal 
    Republic of Yugoslavia (Serbia & Montenegro) and Bosnian Serb-
    Controlled Areas of the Republic of Bosnia and Herzegovina Sanctions 
    Regulations to authorize all transactions on and after December 7, 1998 
    with respect to bank accounts representing the proceeds of the sales of 
    the following two blocked vessels: the M/V KAPETAN MARTINOVIC and the 
    M/V BOR. U.S. persons are generally licensed to seek, obtain and have 
    served on these blocked accounts writs of attachment during the ten-day 
    period prior to the accounts' unblocking if their claims are not 
    settled with the vessels' owners or agents.
    
    EFFECTIVE DATE: November 6, 1998.
    FOR FURTHER INFORMATION: John T. Roth, Chief, Policy Planning and 
    Program Management Division (tel.: 202/622-2500), or William B. 
    Hoffman, Chief Counsel (tel.: 202/622-2410), Office of Foreign Assets 
    Control, Department of the Treasury, Washington, DC 20220.
    
    SUPPLEMENTARY INFORMATION:
    
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    (192.239.92.205). Additional information concerning the programs of the 
    Office of Foreign Assets Control is available for downloading from the 
    Office's Internet Home Page: http://www.treas.gov/ofac, or in fax form 
    through the Office's 24-hour fax-on-demand service: call 202/622-0077 
    using a fax machine, fax modem, or (within the United States) a touch-
    tone telephone.
    
    Background
    
        On April 18, 1997, the Office of Foreign Assets Control issued an 
    amendment to the Federal Republic of Yugoslavia (Serbia & Montenegro) 
    and Bosnian Serb-Controlled Areas of the Republic of Bosnia and 
    Herzegovina Sanctions Regulations, 31 CFR part 585 (the 
    ``Regulations''), providing for the unblocking of the following five 
    vessels: the M/V MOSLAVINA, M/V ZETA, M/V LOVCEN, M/V DURMITOR and M/V 
    BAR (a.k.a. M/V INVIKEN) after 30 days (62 FR 19672, April 23, 1997). 
    Two previously blocked vessels, the M/V KAPETAN MARTINOVIC and the M/V 
    BOR, were sold pursuant to specific licenses and the proceeds of the 
    sales placed in blocked interest-bearing accounts at U.S. financial 
    institutions as substitute property for the blocked vessels.
        The accounts representing the two vessels will also be unblocked 
    after 30 days. During this period, U.S. persons may negotiate 
    settlements of their outstanding claims with respect to the vessels 
    with the vessels' owners or agents. If claims remain unresolved by 
    November 27, 1998, U.S. persons are generally licensed to seek and 
    obtain judicial writs of attachment against the funds during the ten-
    day period prior to the accounts' unblocking.
        Since the Regulations involve a foreign affairs function, the 
    provisions of Executive Order 12866 and the Administrative Procedure 
    Act (5 U.S.C. 553) requiring notice of proposed rulemaking, opportunity 
    for public participation, and delay in effective date are inapplicable. 
    Because no notice of proposed rulemaking is required for this rule, the 
    Regulatory Flexibility Act (5 U.S.C. 601-612) does not apply.
    
    List of Subjects in 31 CFR Part 585
    
        Administrative practice and procedure, Banks, banking, Blocking of 
    assets, Bosnia and Herzegovina, Foreign investments in the United 
    States, Foreign trade, Penalties, Reporting and recordkeeping 
    requirements, Securities, Specially designated nationals, 
    Transportation, Vessels, Yugoslavia.
        For the reasons set forth in the preamble, 31 CFR part 585 is 
    amended as set forth below:
    
        1. The authority citation for part 585 is revised to read as 
    follows:
        Authority: 3 U.S.C. 301; 22 U.S.C. 287c; 31 U.S.C. 321(b); 49 
    U.S.C. 40106; 50 U.S.C. 1601-1651, 1701-1706; Pub.L. 101-410, 104 
    Stat 890 (28 U.S.C. 2461 note); E.O. 12808, 57 FR 23299, 3 CFR, 1992 
    Comp., p. 305; E.O. 12810, 57 FR 24347, 3 CFR, 1992 Comp., p. 307; 
    E.O. 12831, 58 FR 5253, 3 CFR, 1993 Comp., p. 576; E.O. 12846, 58 FR 
    25771, 3 CFR, 1993 Comp., p. 599; E.O. 12934, 59 FR 54117, 3 CFR, 
    1994 Comp., p. 930.
    
    Subpart E to Part 585--Licenses, Authorizations, and Statements of 
    Licensing Policy
    
        2. Section 585.528 is amended by revising the section heading and 
    adding paragraph (d) to read as follows:
    
    
    Sec. 585.528  Unblocking of certain vessels and accounts.
    
    * * * * *
    
        (d) All transactions with respect to blocked accounts held at 
    Whitney National Bank, New Orleans, Louisiana, containing the proceeds 
    of the sales of the M/V KAPETAN MARTINOVIC and the M/V BOR are 
    authorized as of December 7, 1998. All transactions
    by U.S. persons to seek and obtain judicial writs of attachment against 
    the blocked accounts as substitute property for these vessels are 
    authorized as of 10:00 a.m. Eastern Standard Time, November 27, 1998.
    
        Dated: October 7, 1998.
    R. Richard Newcomb,
    Director, Office of Foreign Assets Control.
        Approved: October 15, 1998.
    Elisabeth A. Bresee,
    Assistant Secretary (Enforcement), Department of the Treasury.
    [FR Doc. 98-29789 Filed 11-3-98; 1:59 pm]
    BILLING CODE 4810-25-F
    
    
    

Document Information

Published:
11/06/1998
Department:
Foreign Assets Control Office
Entry Type:
Rule
Action:
Final rule; amendment.
Document Number:
98-29789
Dates:
November 6, 1998. FOR FURTHER INFORMATION: John T. Roth, Chief, Policy Planning and Program Management Division (tel.: 202/622-2500), or William B. Hoffman, Chief Counsel (tel.: 202/622-2410), Office of Foreign Assets Control, Department of the Treasury, Washington, DC 20220.
Pages:
59883-59884 (2 pages)
PDF File:
98-29789.pdf
CFR: (1)
31 CFR 585.528