Security Council eases Libyan sanctions

Sept. 16, 2011 at 8:56 PM
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UNITED NATIONS, Sept. 16 (UPI) -- The U.N. Security Council voted unanimously Friday to send a mission to Libya and lifted asset freezes on two Libyan oil firms and key financial organizations.

The United Nations said in a release the mission will support the North African country's transitional rebel leaders in their reconstruction efforts once the fighting with remnants of ousted leader Moammar Gadhafi's forces end. The international group, to be led by a special representative of the secretary-general for the first three months, will help Libya's new leaders restore law and order, draft a new constitution, promote reconciliation within the country and prepare for elections.

The Security Council also lifted some of the arms embargo, assets freeze and no-fly zone imposed earlier this year.

It exempted the Libyan National Oil Corp. and Zueitina Oil Co. from the asset freeze, and did the same for the Central Bank of Libya, the Libyan Arab Foreign Bank, the Libyan Investment Authority and the Libyan Africa Investment Portfolio.

The council also eased sanctions on funds, other financial assets or economic resources of the central bank and other financial organizations.

In addition, the council said other countries should consider using international financial mechanisms to promote transparency and prevent misappropriation in Libya, and asked the International Monetary Fund and World Bank to work with Libyan officials to assess the country's public financial management framework.

The council kept its no-fly zone restrictions in place but said it would end the measures when circumstances permit.

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