• Developments in US, EU, and UN Sanctions Against Libya
  • October 3, 2011
  • Law Firm: Covington Burling LLP - Washington Office
  • The US Treasury Department's Office of Foreign Assets Control ("OFAC"), acting pursuant to a recent United Nations ("UN") Security Council Resolution, has lifted most of the prohibitions on dealings by US persons with the government of Libya, its agencies, instrumentalities, and controlled entities, including the Central Bank of Libya, and with the Libyan National Oil Corporation ("NOC") and entities it owns or controls. Property and property interests that were blocked, however, other than property of the NOC and its affiliates, remain blocked. Certain persons and entities affiliated with Muammar Qadhafi remain subject to the sanctions.