President Biden Expands Prohibitions On Persons Contributing To The Destabilization Of The Western Balkans

CW
Cadwalader, Wickersham & Taft LLP

Contributor

Cadwalader, established in 1792, serves a diverse client base, including many of the world's leading financial institutions, funds and corporations. With offices in the United States and Europe, Cadwalader offers legal representation in antitrust, banking, corporate finance, corporate governance, executive compensation, financial restructuring, intellectual property, litigation, mergers and acquisitions, private equity, private wealth, real estate, regulation, securitization, structured finance, tax and white collar defense.
President Joseph R. Biden signed a new Executive Order to expand the scope of prohibitions contained in EO 13219, as amended by EO 13304.
United States Finance and Banking

President Joseph R. Biden signed a new Executive Order ("EO") to expand the scope of prohibitions contained in EO 13219 ("Blocking Property of Persons Who Threaten International Stabilization Efforts in the Western Balkans"), as amended by EO 13304.

The new EO blocks "all property and interests in property" within the United States of persons determined by the Secretary of the Treasury, in consultation with the Secretary of State, to:

  • threaten the "peace, security, stability, or territorial integrity" of any area in the Western Balkans (defined as the territory of the former Socialist Federal Republic of Yugoslavia and the Republic of Albania);
  • undermine democratic processes or institutions in the Western Balkans;
  • violate any "regional security, peace, cooperation, or mutual recognition agreement" or accountability mechanism related to the Western Balkans;
  • engage in corruption - including on behalf of a government in the Western Balkans, or a current or former government official in the Western Balkans - such as the misappropriation of public assets, expropriation of private assets or bribery;
  • materially assist any person whose property is blocked pursuant to the EO; or
  • be owned or controlled by any person whose property is blocked pursuant to the EO.

The EO's prohibitions include the making of or the receipt of funds, goods or services to or from any such blocked person.

Primary Sources

  1. Executive Order on Blocking Property and Suspending Entry into the United States of Certain Persons Contributing to the Destabilizing Situation in the Western Balkans

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

Mondaq uses cookies on this website. By using our website you agree to our use of cookies as set out in our Privacy Policy.

Learn More