Federal Republic of Yugoslavia Economic Sanctions
The European Community responded to the increasing violence and instability in Croatia late in the spring of 1991 and in Bosnia Herzegovina by deciding to implement economic sanctions against Federal Republic of Yugoslavia. This action was followed by a meeting of the Security Council of the United Nations in September 1991 because the increasing conflict in the Balkans states was a threat to international peace and security. By December there was a plan to send peacekeepers to the Balkans. A peace plan was accepted by Slobodan Milosevic, partly a result of the economic hardships already caused by economic sanctions. The peace plan was not accepted by the Serbian leaders in Croatia and Bosnia where the same pressure had not been felt.
When the first economic sanctions were imposed on the Federal Republic of Yugoslavia in May 1992, the country had already suffered many years of economic downturn. As the sanctions came into effect both the public and the government of Yugoslavia were optimistic that they would not last long and would not have a significant effect.
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