Introductory text

THE COUNCIL OF THE EUROPEAN UNION,

Having regard to the Treaty establishing the European Community and in particular Article 228a thereof,

Having regard to the proposal from the Commission,

Having regard to Council Decision 94/366/PESC of 13 June 1994 on the common position defined by the Council on the basis of Article J.2 of the Treaty on European Union concerning prohibition of the satisfaction of the claims referred to in paragraph 9 of United Nations Security Council Resolution No 757(1992)^f1,

Whereas, under Regulations (EEC) No 1432/92^f2, (EEC) No 2656/92^f3 and (EEC) No 990/93^f4, the Community has taken measures to prevent trade between the Community and the Federal Republic of Yugoslavia (Serbia and Montenegro);

Whereas, as a consequence of the embargo against the Federal Republic of Yugoslavia (Serbia and Montenegro), economic operators in the Community and third countries are exposed to the risk of claims by the Federal Republic of Yugoslavia (Serbia and Montenegro);

Whereas the United Nations Security Council has adopted Resolution 757(1992) of 30 May 1992 which, in its paragraph 9, deals with claims by the Federal Republic of Yugoslavia (Serbia and Montenegro) in relation to contracts and transactions the performance of which was affected by measures imposed by the Security Council pursuant to Resolution 757(1992) and related resolutions;

Whereas it is necessary to protect operators permanently against such claims and to prevent the Federal Republic of Yugoslavia (Serbia and Montenegro) from obtaining compensation for the negative effects of the embargo,

HAS ADOPTED THIS REGULATION: