Brussels, 07/04/2000 (Agence Europe) - The EU Council adopted more targeted financial sanctions against the regime of the President of the FRY Slobodan Milosevic, by approving on 6 April through a written procedure a Regulation that amends the Regulation from last year concerning the freezing of assets and the banning of investments for the federal Republic of Yugoslavia. The aim of this new Regulation is to strengthen the existing financial sanctions, while filling all legal vacuums that could exist," in the framework of a joint policy consisting of "bringing to bear the maximum pressure on Milosevic "without "penalising" the Serbian population." Let us recall that the political decision to make the sanctions more efficient and targeted against the regime was taken by the General Affairs Council last 20 March.
The move by the Council are centred as follows: (1) a "white list" approach applied to the Republic of Serbia, except the province of Kosovo, according to which all the companies are considered to be held or controlled by the government of the FRY, unless they can prove otherwise (which will enable them to be exempt of sanctions): - that they are able to refuse the profits to the government of the FRY and Serbia; - that their monthly transactions with the EU do not exceed EUR 100,000; - that they are not active in sectors such as banking and financial services, energy, production or trade in military or police equipment, transports, petrochemicals, iron and steel; (2) a "black list" approach towards the province of Kosovo and Montenegro based on the presumption that "in the absence of proof of links with the Milosevic regime," the companies concerned are considered as not being submitted to the sanctions.
The Regulation enters into force the Saturday 8 April and the new provisions concerning the lists of companies falling under different categories will apply as of the 15 May.