The EU has adopted Council Regulation (EU) No 45/2014 which amends Council Regulation (EU) No 204/2011 concerning restrictive measures against Libya. Pursuant to the amendments: (i) the freezing of funds or the refusal to make funds or economic resources available, if carried out in good faith and in accordance with the Regulation, shall not give rise to any liability unless the funds were frozen or the economic resources withheld “as a result of negligence”; (ii) actions by natural or legal persons who did not know, and had no reasonable cause to suspect, that their actions would infringe the Regulation shall not give rise to liability of any kind; and (iii) no claims in connection with any contract or transaction the performance of which has been affected by the measures imposed under Council Regulation (EU) No 204/2011 and brought by persons listed in Annex II or III of that Regulation, or any other Libyan person or those acting on their behalf shall be satisfied.

EU Council Regulation (EU) No 45/2014 amending Council Regulation (EU) No 204/2011 (PDF)

EU Council Regulation (EU) No 204/2011 (PDF)