EU slaps new economic sanctions on Gaddafi regime

Last Updated: Monday, March 21, 2011 - 20:05

Brussels: The European Union on Monday agreed
new economic sanctions against Moamer Gaddafi`s regime,
targeting both individuals and economic entities, diplomatic
sources said.

The major new sanctions apply to 11 Kadhafi associates
and nine economic entities and are expected to be enforced
some time this week.

The entities were not named but sources said they were
"investment companies, foundations, banks and state" groups.
Oil and gas companies were not listed.

It was the third wave of restrictive EU measures slapped
against Kadhafi amid increasing pressure on the Libyan leader
to step down.

A fourth series of sanctions will also be discussed next
week in Brussels, a diplomat said.

A week ago, multi-billion-dollar EU sanctions came into
force, targeting five state vehicles holding billions in
assets and investments said to be under the Kadhafi family`s
control.

Among them was the Libyan Investment Authority -- also
known as the Libyan Arab Foreign Investment Company -- which
is the overseas vehicle for investing Tripoli`s oil revenues
and is a potential source of funding for the regime.

Others were the Central Bank of Libya, the Libya Africa
Investment Portfolio, the Libyan Foreign Bank, the Libyan
Housing and Infrastructure Board, and an Austrian citizen,
Mustafa Zarti, alleged to be closely associated with the
Tripoli regime.

The first series of EU sanctions was an asset freeze and
travel ban against 26 individuals deemed responsible for
violent crackdowns on Libya`s civilians.

They included Kadhafi as well as his seven sons and his
daughter, along with his wife Safia al-Barassi.

PTI



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