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EU tightens financial grip on Gaddafi regime

A Sirte Oil Company aircraft

(BRUSSELS2) The decision which allows an asset freeze extended to a whole series of companies, notably oil companies, in Libya came into force today through publication in the European Union's Official Journal. This is the first decision implementing UN Resolution 1973 requiring the strengthening of economic sanctions to block the economic resources of the Libyan government. But this is the third modification in less than 15 days of this list which now includes around fifteen entities and 25 names of natural persons.

From oil companies to Revolutionary Guards to radio

They include oil companies (Libyan National Oil Company, Ras Lanuf Oil and Gas Processing Company (RASCO), Brega, Sirte Oil Company, Waha Oil Company), banks (National Commercial Bank, Gumhouria Bank, Sahara Bank, Azzawia (Azawiya) Refining), foundations (Waatassimou Foundation and Qadhafi Foundation for Charities and Development), as well as national radio (General Office of Libyan Radio and Television A military organization is also targeted: the “Revolutionary Guard Corps” for its “involvement in the repression against demonstrators But without precise indication (address, name) as this organization is little known.

It can be noted that the European Union thus goes further than the names contained in the UN resolution which is moreover only a proposed list but lays down a general principle of blocking all the economic resources of the regime Libyan.

Vigilance on relations between European citizens and Libyan companies

We can also note that – in accordance with United Nations Resolution 1973 – the European decision adds a § prescribing “ Member States to require their nationals, persons under their jurisdiction and companies incorporated in their territory or under their jurisdiction to exercise due diligence in their dealings with entities ?are incorporated in Libya or subject to Libyan jurisdiction and with any person or entity? acting on their behalf or under their orders as well as with entities which are in their possession or under their control, in order to prevent exchanges which could contribute to violence or a? the use of force against civilians.”

Download the decision

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Nicolas Gros Verheyde

Chief editor of the B2 site. Graduated in European law from the University of Paris I Pantheon Sorbonne and listener to the 65th session of the IHEDN (Institut des Hautes Etudes de la Défense Nationale. Journalist since 1989, founded B2 - Bruxelles2 in 2008. EU/NATO correspondent in Brussels for Sud-Ouest (previously West-France and France-Soir).