Serbia and Montenegro

  • Last revised:28 January 2025

Purpose of the Sanctions Regime

This sanctions regime prohibits the satisfying of claims with regard to contracts and transactions the performance of which was affected by the measures imposed by United Nations Security Council (UNSC) Resolutions 713 (1991), 721 (1991), 724 (1991), 727 (1992), 740 (1992) 743 (1992), 749 (1992), 752 (1992), and 757 (1992) relating to the former Federal Republic of Yugoslavia (Serbia and Montenegro).

This does not constitute a regime of sanctions measures, but rather the last provision still remaining in force of the repealed UNSC sanctions regime. It is strictly limited to a prohibition to satisfy certain claims made in relation to contracts affected by the repealed UN measures. There are currently no sanctions measures in force concerning Serbia or Montenegro.

Overview of current sanctions measures

Current sanction measures implemented by Jersey in relation to the former Federal Republic of Yugoslavia (Serbia and Montenegro):

  • Prohibitions against satisfying claims with regard to contracts and transactions whose performance is affected by the measures take in accordance with UNSC Resolutions 713 (1991), 721 (1991), 724 (1991), 727 (1992), 740 (1992) 743 (1992), 749 (1992) 752 (1992) and 757 (1992).

Latest news

8 June 2022

The Sanctions and Asset-Freezing (Amendment No. 2) (Jersey) Law 2022 comes into force today. Further information can be found on the Jersey Gazette.

*All published Latest News notices relating to financial sanctions, including those extending beyond the last 30 days, may be obtained from the Jersey Gazette

Jersey regime

The Sanctions and Asset-Freezing (Implementation of External Sanctions) (Jersey) Order 2021 (the Jersey Order)  implements the prohibitions at Article 2 of Council Regulation (EC) 1733/94 relating to the satisfaction of certain claims.

Offences

The offences for this regime are set out in both the SAFL and the Jersey Order.

Reporting obligations

Reporting obligations are set out at Article 32 of the SAFL and apply to all regimes in force. These obligations include requirements for a relevant financial institution to inform the Minister if:

  • it holds an account of a person, has entered into dealings or an agreement with a person or has been approached by or on behalf of a person, and
  • it knows, or has reasonable cause to suspect, that the person:
    • is a designated person, or;
    • has committed, is committing or intends to commit an offence under this Law, and  
  • the information or other matter on which the knowledge or reasonable cause for suspicion is based came to it in the course of carrying on its business.

Legal acts

Jersey

  • Sanctions and Asset-Freezing (Jersey) Law 2019
  • Sanctions and Asset-Freezing (Implementation of External Sanctions) (Jersey) Order 2021

European Union

United Nations Security Council Resolutions

  • UNSCR 757 (1992)
  • UNSC Resolution 749 (1992)
  • UNSC Resolution 743 (1992)
  • UNSC Resolution 740 (1992)
  • UNSC Resolution 727 (1992)
  • UNSC Resolution 724 (1991)
  • UNSC Resolution 721 (1991)
  • UNSC Resolution 713 (1991)