Former Yugoslavia

(Albania, Bosnia, Herzegovina, Serbia & Montenegro)

Information as of: 31st July 2022

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US The US is continuing sanctions on the Western Balkans for 1 year by extending the national emergency as declared in E.O. 13219, as amended by E.O. 13304. Together, they impose asset freezing measures on  (inter alia) those engaged in/supporting extremist violence in North Macedonia, or acts obstructing the implementation of the Dayton Accords in Bosnia, or UNSC Resolution 1244 (1999) in Kosovo. On the 8 June 2021 OFAC adopted E.O “Blocking Property and Suspending Entry into the United States of Certain Persons Contributing to the Destabilizing Situation in the Western Balkans” which expands the scope the of E.O. 13219, as amended by E.O. 13304 , to include additional sanctions authorities to target individuals who are deemed responsible for or complicit in actions that threaten the territorial integrity of any area or state of the Western Balkans. Additionally, the geographical scope of the Western Balkans is clarified to include the territory of the former SFR Yugoslavia and Albania.
EU All previous sanctions repealed. Council Decision 2011/173/CFSP of 21 Mar 2011 puts in place framework to impose travel ban and asset freeze, extended to 31 Mar 2019 by (CFSP) 2018/459 - no individuals or entities listed.  EU renewed restrictive measures until 31 March 2021 under CFSP 2020/435On 29 Mar 2021, the EU adopted Council Decision (CFSP) 2021/543, which renewed its sanctions measures for 1 year until 31 March 2022 Council Reg 1733/94 of 11 July 1994 prohibits the satisfying of claims with regards to contracts and transactions which were affected by UN S/Res/757 (1992). All restrictive measures were renewed again until 31 Mar 2024 under (CFSP) 2022/450.
The Bosnia and Herzegovina (Sanctions) (EU Exit) Regulations 2020 incorporates EU sanctions into UK law wef: 31 Dec 2020. 
This information has been collated by the International Underwriting Association of London and is intended as a guide only. The IUA does not accept any liability for the accuracy of this information.
This publication is intended to convey only general information about sanctions legislation and associated insurance coverage. It is not, and is not intended to be, a complete statement of the law relating to this area. It should not be relied on or be used as a substitute for legal advice in relation to any particular set of circumstances. Accordingly, IUA does not accept any liability for any loss which may arise from reliance on this information.