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Extra EU sanctions agreed against Libya

The added EU sanctions notably aim to target Libyan Investment Authority.



Brussels: The EU on Thursday formally agreed
added sanctions on Libyan leader Moammar Gaddafi`s regime,
notably targeting the Libyan Investment Authority (LIA) -- the
overseas investment vehicle for Tripoli`s oil revenues.

The new sanctions on a Libyan individual as well as
the five economic "entities", also including the Libyan
Central Bank, are to enter into force tomorrow when published
in the European Union`s official journal.

A spokesman for Hungary`s EU chair declined to name
either the Libyan involved or the three other companies.

"The funds and economic resources of the five
designated entities will be frozen and an additional name will
be added to the list of 26 individuals deemed responsible for
the violent crackdown on the civilian population since the
February 15 and subject to an asset freeze," the spokesman
said.

The state LIA, set up in 2006 to diversify national
income, has significant shareholdings in Italian bank
UniCredit, Italian defence and aeronautical group
Finmeccanica, Juventus Football Club and Pearson, the
publisher of the Financial Times which itself froze that
individual holding last week.

Brussels had already imposed the toughest
international sanctions yet on Gaddafi`s regime, ordering an
asset freeze and visa ban against the Libyan leader and 25
others for brutalising civilians.

The existing measures notably applied to the veteran
ruler`s seven sons and his daughter, along with his wife Safia
al-Barassi. One new person was also added, another diplomat
said.

The new measures bring to 27 the number of Libyans hit
by the measures.

The EU sanctions, which target more people than a
corresponding UN list, also enforced an embargo on arms sales
to Libya, in line with the UN Security Council decision.

But toughening up the UN measures, the EU also slapped
an embargo on sales to Libya of equipment which might be used
for internal repression.

Bureau Report

From Zee News

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