Libya is currently subject to financial sanctions put in place by the EU and the UN. The UN introduced Resolution 1970 (2011) which was adopted by the EU. The EU then put in place additional, autonomous financial sanctions.
The Libya regime imposes asset freeze financial sanctions on those involved or complicit in serious human rights abuses against Libyan civilians and facilities. Abuses include planning, commanding, ordering or conducting attacks that violate international laws.
Asset freezing activity also helps protect Libyan state funds (misappropriated during the former regime of Muammar Qadhafi) which could be used to threaten the peace, stability or political transition of Libya.
All individuals and entities listed under the EU Regulation are subject to a full asset freeze, except for two entities listed in Annex VI:
Libyan Investment Authority (LIA)
Libyan Africa Investment Portfolio (LAIP)
All funds and economic resources belonging to – or owned, held or controlled by – these entities, and located outside Libya on 16 September 2011, are subject to an asset freeze.
However, under the terms of the EU Regulation, there is no prohibition on making new funds or economic resources available to these entities.
LIA and LAIP subsidiaries
UN Implementation Assistance Notice #1 dated 7 March 2012 provides that subsidiaries of LIA and LAIP are not subject to the asset freeze. However, please note that several subsidiaries of the LIA and the LAIP are now listed independently under EU autonomous financial sanctions. Please consult the list of designated persons and entities under this regime to review the full list of the subsidiaries of LIA and LAIP subject to financial sanctions.
The UN Resolution, UNSCR 1970 (2011), is available online along with other relevant UN Resolutions.