After the invasion of Denmark and Norway by Nazi Germany on 9 April 1940, President Franklin Delano Roosevelt issued Executive Order 8389, under which the United States Department of the Treasury froze all financial assets of occupied European countries in the US. After the Soviet Occupation of Estonia, Latvia and Lithuania, Executive Order 8389 was extended to the assets and properties of the Baltic states. During the first Soviet occupation in July 1940, the United States issued Executive Order 8484 which froze Latvian, Lithuanian and Estonian financial assets, including gold reserve. The freezing of Baltic assets by the US was condemned by the Soviet Union, and it was declared that there should not be any legal basis for delaying the transfer of the Baltic gold from the US Federal Reserve to the State Bank of the Soviet Union.