Yugoslavia: Lifting of EU Sanctions (Hansard, 27 November 2000)

§ Baroness Scotland of Asthal

Following the election of Vojislav Kostunica as President of the Federal Republic of Yugoslavia (FRY), European Union Foreign Ministers agreed at the General Affairs Council on 9 October to revise EU sanctions against the FRY and to retain specific targeted measures.

The EU oil embargo and flight ban were lifted with effect from 9 October.

On 10 November the Council of the EU adopted a Common Position to restrict financial sanctions and the visa ban to Milosevic and persons associated with him.

The provisions on financial sanctions were implemented by an EC Regulation adopted on 10 November. This Regulation repeals EC Regulations 1294/99 and 607/2000 as well as Article 2 of EC Regulation 926/98. The Regulation will come into force this week with its publication in the Official Journal of the European Communities.

The new Regulation provides that all funds held in the EU belonging to individuals listed in the annex to the Regulation shall be frozen and that no funds shall be made available, directly or indirectly, to or for the benefit of any person listed in the annex.

Under the new Regulation, all EU financial sanctions in relation to FRY companies will be lifted. All EU restrictions on the provision of export credit support finance and on investment in the FRY will also be lifted.

UK legislation providing penalties for breaches of the financial sanctions will be made to take account of the new Regulation.

The individuals subject to financial sanctions are indentical to those subject to the EU visa ban, which is the subject of a Council Decision of 10 November.

The EU arms embargo and embargo on the supply to the FRY of equipment which might be used for internal repression or terrorism are unaffected. The UN arms embargo against the FRY and Prohibition on the arming and training for terrorist activities there remain in force.