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New Economic Sanctions Imposed Against Libya

International Law Office
March 18, 2011

In response to the growing violence in Libya, the United States imposed economic sanctions against Libya on February 25 2011. Entities with business ties to Libya should ensure that their compliance programmes adequately address these new measures.

Effective at 8:00pm Eastern Standard Time on February 25, the United States blocked all property interests of the Libyan government, certain senior officials and others implicated in human rights abuses. Any such property interests that are in the United States or within the possession or control of a US person may not be transferred, paid, exported, withdrawn or otherwise dealt in. US persons holding such blocked property were given a 10 business-day period in which to report it to the US Treasury Department's Office of Foreign Assets Control.

This Sidley Update was republished by ILO in its Trade & Customs Newsletter.

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