[Federal Register Volume 62, Number 78 (Wednesday, April 23, 1997)]
[Rules and Regulations]
[Pages 19672-19673]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 97-10445]
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DEPARTMENT OF THE TREASURY
Office of Foreign Assets Control
31 CFR Part 585 and Chapter V
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 Yugoslav
Vessels and Removal of Names from Appendix C to 31 CFR Chapter V
AGENCY: Office of Foreign Assets Control, 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 May 19, 1997
with respect to the following five blocked vessels: the M/V MOSLAVINA,
M/V ZETA, M/V LOVCEN, M/V DURMITOR and M/V BAR (a.k.a. M/V INVIKEN).
These vessels are simultaneously being removed from the list of blocked
vessels contained in appendix C to 31 CFR chapter V. U.S. persons are
generally licensed to seek and obtain judicial warrants of maritime
arrest against these vessels. Such warrants may be served during the
ten days prior to the vessels' unblocking if outstanding claims have
not been settled with the vessels' owners or agents.
EFFECTIVE DATE: The amendment to 31 CFR part 585 is effective April 18,
1997; the amendment to appendix C to 31 CFR chapter V is effective May
19, 1997.
FOR FURTHER INFORMATION CONTACT: 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:
Electronic Availability
This document is available as an electronic file on The Federal
Bulletin Board the day of publication in the Federal Register. By
modem, dial 202/512-1387 and type ``/GO FAC,'' or call 202/512-1530 for
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the World Wide Web (Home Page), Telnet, or FTP protocol is:
fedbbs.access.gpo.gov. The document is also accessible for downloading
in ASCII format without charge from Treasury's Electronic Library
(``TEL'') in the ``Business, Trade and Labor Mall'' of the FedWorld
bulletin board. By modem, dial 703/321-3339, and select the appropriate
self-expanding file in TEL. For Internet access, use one of the
following protocols: Telnet = fedworld.gov (192.239.93.3); World Wide
Web (Home Page) = http://www.fedworld.gov; FTP = ftp.fedworld.gov
(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.ustreas.gov/treasury/services/
fac/fac.html, 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 November 22, 1995, the United Nations Security Council passed
Resolution 1022 (``Resolution 1022''), immediately and indefinitely
suspending economic sanctions against the Federal Republic of
Yugoslavia (Serbia & Montenegro) (the ``FRY (S&M)''). Those sanctions
were subsequently terminated by United Nations Security Council
Resolution 1074 of October 1, 1996. This termination, however, did not
end the requirement of Resolution 1022 that blocked funds and assets
that are subject to claims and encumbrances, or that are the property
of persons deemed insolvent, remain blocked until ``released in
accordance with applicable law.'' This requirement was implemented in
the United States on December 27, 1995, by Presidential Determination
No. 96-7. 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, 31 CFR part 585 (the ``Regulations''), by adding new
Sec. 585.528, authorizing transactions with respect to the following
vessels currently blocked pursuant to the Regulations, effective May
19, 1997: the M/V MOSLAVINA, M/V ZETA, M/V LOVCEN, M/V DURMITOR and M/V
BAR (a.k.a. M/V INVIKEN). Appendix C to 31 CFR chapter V, containing
the names of vessels blocked pursuant to the various economic sanctions
programs administered by the Office of Foreign Assets Control (see 61
FR 32936, June 26, 1996), is also being amended to remove these vessels
from the list on May 19, 1997.
During the 30-day period, U.S. persons may negotiate settlements of
their outstanding claims with respect to the vessels with the vessels'
owners or agents, and are generally licensed to seek and obtain
judicial warrants of maritime arrest against the vessels. If claims
remain unresolved by 10:00 a.m. local time in the location of the
vessel, May 8, 1997, U.S. persons are generally licensed to effect
service of such warrants through the U.S. Marshal's Office in the
district where the vessel is located during the ten-day period prior to
the vessel's unblocking.
Because the Regulations involve a foreign affairs function,
Executive Order 12866 and the provisions of the Administrative
Procedure Act (5 U.S.C. 553) requiring notice of proposed
[[Page 19673]]
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 and
appendix C to 31 CFR chapter V are amended as set forth below:
PART 585--FEDERAL REPUBLIC OF YUGOSLAVIA (SERBIA & MONTENEGRO) AND
BOSNIAN SERB-CONTROLLED AREAS OF THE REPUBLIC OF BOSNIA AND
HERZEGOVINA SANCTIONS REGULATIONS
1. The authority citation for part 585 is revised to read as
follows:
Authority: 3 U.S.C. 301; 22 U.S.C. 287c; 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--Licenses, Authorizations, and Statements of Licensing
Policy
2. Section 585.528 is added to subpart E to read as follows:
Sec. 585.528 Unblocking of certain vessels.
(a) All transactions with respect to the following vessels are
authorized as of May 19, 1997: the M/V MOSLAVINA, M/V ZETA, M/V LOVCEN,
M/V DURMITOR, and M/V BAR (a.k.a. M/V INVIKEN).
(b) All transactions by U.S. persons to seek and obtain judicial
warrants of maritime arrest against the blocked vessels referenced in
paragraph (a) of this section are authorized, but service of a warrant
of maritime arrest on a blocked vessel referenced in paragraph (a) of
this section may be effected not before 10:00 a.m. local time in the
location of the vessel, May 8, 1997.
(c) Nothing in this section authorizes a debit to an account
blocked prior to December 27, 1995, unless such debit is independently
authorized by or pursuant to this part.
APPENDIX C TO CHAPTER V--ALPHABETICAL LISTING OF VESSELS THAT ARE
THE PROPERTY OF BLOCKED PERSONS, OR SPECIALLY DESIGNATED NATIONALS
1. Under the same authority previously cited for 31 CFR part 585,
appendix C to chapter V of 31 CFR is amended by removing the entries
for the vessels ``M/V MOSLAVINA'', ``M/V ZETA'', ``M/V LOVCEN'', ``M/V
DURMITOR'', and ``M/V BAR'', effective May 19, 1997.
Dated: April 4, 1997.
R. Richard Newcomb,
Director, Office of Foreign Assets Control.
Approved: April 11, 1997.
James E. Johnson,
Assistant Secretary (Enforcement).
[FR Doc. 97-10445 Filed 4-18-97; 10:06 am]
BILLING CODE 4810-25-F
