98/374/CFSP: Common Position of 8 June 1998 defined by the Council on the basis of Article J.2 of the Treaty on European Union concerning the prohibition of new investment in Serbia
10. 6. 98 ‹ EN ‹ Official Journal of the European Communities L 165/1 (Acts adopted pursuant to Title V of the Treaty on European Union) COMMON POSITION of 8 June 1998 defined by the Council on the basis of Article J. 2 of the Treaty on European Union concerning the prohibition of new investment in Serbia (98/374/CFSP) THE COUNCIL OF THE EUROPEAN UNION, Having regard to the Treaty on European Union, and in particular Article J. 2 thereof, Whereas on 7 May 1998 the Council adopted Common Position 98/326/CFSP (1) con- cerning the freezing of funds held abroad by the Federal Republic of Yugoslavia (FRY) and Serbian Governments; whereas a further reduction of economic and financial relations with the FRY and Serbia was foreseen in case the conditions laid down in that common position for the FRY and Serbian Government were not met; Whereas, as such conditions have not been fulfilled so far, further action to reduce economic and financial relations with Serbia should be taken; Whereas, the restrictive measures set out in Article 1 will be reconsidered immediately if the FRY and Serbian Governments move to adopt a framework for dialogue and a stabil- isation package, HAS DEFINED THIS COMMON POSITION: New investments in Serbia are prohibited. Article 1 Article 2 This common position shall take effect from the date of its adoption. This common position shall be reviewed not later than six months after its adoption. Article 3 This common position shall be published in the Official Journal. Article 4 Done at Luxembourg, 8 June 1998. For the Council The President R. COOK (1) OJ L 143, 14. 5. 1998, p. 1