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, one day before the UN Security Council endorsed economic sanctions against Libya, President Obama issued Executive Order 13566 imposing broad US sanctions against the country.
This client alert considers the impact of measures taken by the US, the UN and the EU in recent days in response to the situation in Libya.
In response to the continuing conflict in Libya, several governments and the United Nations Security Council have imposed asset freezes and other sanctions on Muammar Qadhafi and members of his family and regime.
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.