Plaintiff seeks to recover based on guarantees given by a Serbian entity on debts which arose prior to the imposition of sanctions against the Federal Republic of Yugoslavia pursuant to 31 CFR 585.201. Defendants argue that the issuance of the relied upon March 15, 1993 letters of guarantee was prohibited by the sanctions regulations, and therefore that plaintiff may not sue to obtain a judgment upon the guarantees given in those letters without first obtaining a license...
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