The Libyan Sanctions Regime - A Review
On 7 June 2011 the Council of the European Union agreed Council Decision 2011/332/CFSP setting out the Council's intention to add six port authorities to the now extensive list of Libyan companies and individuals blacklisted under the UN asset freeze. This Decision, following on from the UN Resolution of 26 February 2011, further tightens the financial sanctions noose around the Gaddafi regime and those associated with it.
UN Resolution 1970 was adopted by the UN Security Council on February 26, 2011, imposing an arms embargo on Libya and a global travel ban on Gaddafi and his family, while freezing the assets of Gaddafi and his 5 family members. A UN committee was formed to monitor its implementation, with member states obliged to report to the committee on the steps taken to implement the Resolution by June 26, 2011.
The UK implemented the Resolution through the Libya (Financial Sanctions) Order 2011 and the Libya (Asset-Freezing) Regulation 2011. Any funds and economic resources belonging to, owned or controlled by individuals or entities on the blacklist are frozen. There are exemptions and derogations from the financial sanctions regime, which require a license from H.M. Treasury.
On June 7, 2011, the EU Council agreed to designate six port authorities in Libya for an asset freeze, and H.M. Treasury has stated that exemptions can be authorized until July 15, 2011, for contracts entered into prior to the Libyan Port Regulation coming into force.
This review is published with thanks to the author, Tom Birch-Reynardson of Birch Reynardson & Co, and is intended to provide information to those interested in this issue. It is not legal advice.
Birch Reynardson & Co
T: + 44 (0)1844 281 184
F: + 44 (0)1844 281 264
M: + 44 (0)7780 543 553
E:
tbr@birchreynardson.comwww.birchreynardson.com
Download the full review of the Libyan Sanctions Regime below.
Downloads
-
6948 BR Co Review Libyan Sanctions 09 06 131 KB
11/02/2016
Download PDF
You may also be interested in:
On 4 December 2022, the UK Government issued General Licence INT/2022/2469656 (“GL”) to implement the EU/G7 price cap in respect of Russian origin crude oil, which was amended on 3 February 2023 to implement the separate price cap in respect of petroleum products.
Founded in 1543, Santos has been long known as a port city – first through the export of coffee and then other commodities. Santos was significantly modernised and expanded in the 1990s to incorporate new technologies, operating with specialised terminals for containers, general cargo, and dry and liquid bulk, and it is responsible for almost 27% of the country’s trade. Santos is considered the largest port in Latin America, with its docks being 25 km long and able to accommodate about 50 ships at a time.
The region comprising Latin America and the Caribbean is a busy one for the UK P&I Club. Some prominent Members have a large number of tons entered with the Club and have this region as their principal place of business. Moreover, many of the Club’s entered ships frequently call at Latin American and Caribbean ports regardless of where the Member is based, which can undoubtedly be anywhere in the world.
Circular 11/22: 8th EU Sanctions Package
11/10/2022
The EU adopted an eighth package of sanctions on 6 October 2022 in response to Russia’s continued military aggression against Ukraine.