Skip to main content
U.S. flag
An official website of the United States government
Dot gov
The .gov means it’s official. 
Federal government websites often end in .gov or .mil. Before sharing sensitive information, make sure you’re on a federal government site.
Https
The site is secure. 
The https:// ensures that you are connecting to the official website and that any information you provide is encrypted and transmitted securely.
INACTIVE
This page is no longer active. Its content has expired or been rescinded by the FDIC.
Financial Institution Letter

Foreign Assets Control Act


TO: CHIEF EXECUTIVE OFFICER
SUBJECT: Sanctions Against the Governments of Serbia,
Montenegro and the Federal Republic of Yugoslavia

The Department of the Treasury's Office of Foreign Assets Control (OFAC) announced on June 10, 1998, that new sanctions have been imposed against the governments of Serbia, Montenegro, and the Federal Republic of Yugoslavia (Serbia and Montenegro) (FRY S&M). All property in which these governments have an interest is blocked immediately and financial transactions involving them are prohibited, except for transactions within the FRY S&M conducted exclusively through its domestic banking system in Dinars or using bank notes or barter. The definition of government includes all financial institutions, all state and socially owned entities organized or located in Serbia, Montenegro or FRY S&M, and their respective subsidiaries and branches wherever located. A summary of the sanctions and OFAC's list of Specially Designated Nationals and Blocked Persons are attached.

Information concerning OFAC rules, lists of prohibited entities, and general information concerning OFAC may be found on the Internet at:

https://home.treasury.gov/policy-issues/office-of-foreign-assets-control-sanctions-programs-and-information

Please distribute the attached information to the appropriate personnel in your institution. For further information about this list or the procedures to block accounts, please call OFAC's Compliance Programs Division on 800-540-6322.

Nicholas J. Ketcha Jr.
Director

Attachments: No electronic copy available.

Distribution: FDIC-Supervised Banks (Commercial and Savings)

NOTE: Paper copies of FDIC financial institution letters may be obtained through the FDIC's Public Information Center, 801 17th Street, NW, Room 100, Washington, DC 20434 (800-276-6003 or (703) 562-2200).


FIL-70-98

Last Updated: June 30, 1998