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UN Security Council eases Libya sanctions

Last Updated: Saturday, September 17, 2011 - 10:38

United Nations: The UN Security Council Friday unanimously adopted a resolution to ease sanctions against Libya, and set up a UN mission to help restore security and initiate economic recovery in the North African country.

The new resolution decided to lift asset freeze against the Libyan National Oil Corporation and Zueitina Oil Company, and ease sanctions against the Central Bank of Libya, the Libyan Arab Foreign Bank, the Libyan Investment Authority and the Libyan Africa Investment Portfolio, Xinhua reported.

The Security Council underscored "the importance of making these assets available in a transparent and responsible manner in conformity with the needs and wishes of the Libyan people", the resolution said.

However, sanctions against ousted Libyan leader Muammar Gaddafi, his family members and close followers are still on, the resolution said.

The resolution was adopted after the UN General Assembly approved Libya`s National Transitional Council as the legitimate holder of the country`s UN seat.

In February, the 15-nation Security Council voted 15-0 to freeze the foreign assets of Gaddafi and his aides.

The Security Council also decided to set up a UN Support Mission in Libya (UNSMIL) "for an initial period of three months to restore public security and order and promote the rule of law in the warring country, undertake inclusive political dialogue, promote national reconciliation, and embark upon the constitution-making and electoral process, and "take the immediate steps required to initiate economic recovery," the resolution said.


First Published: Saturday, September 17, 2011 - 10:38
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