Treasury has published an update on financial sanctions and other trade restrictions that currently apply to Libya. The update explains which business will be caught by sanctions and therefore prohibited unless authorised by a Treasury licence. It notes that companies dealing with Libya are facing problems in obtaining payment for contracts entered into before sanctions took effect. It says there is a distinction between cases where the counterparty cannot pay (which is a purely commercial matter) and where it has made funds available but these are prevented by sanctions from getting to the recipient (in which case the company should contact Treasury to apply for a licence, unless it can use a bank which already has one). To help address the problem of response times, Treasury has issued a sanctions enquiry template. (Source: Libya (Supplement – Trade and the Libya Sanctions))