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In recent weeks, the US Treasury Department’s Office of Foreign Assets Control (OFAC) published and updated two new general licenses under the Libyan sanctions program, effectively authorizing most transactions involving the Government of Libya (GOL) and Libyan state-owned petroleum companies
On February 25, 2011, citing the extreme measures taken by Colonel Muammar Qadhafi, his government and close allies to repress the rebellion in Libya and the risk that Qadhafi and allies would misappropriate Libyan state assets, President Obama issued an Executive Order that, among other things, blocks all transactions involving property or property interests of the following persons
