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EU slaps new economic sanctions on Kadhafi regime

EU slaps new economic sanctions on Kadhafi regime
AFP
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First Published: Mon, Mar 21 2011. 06 02 PM IST
Updated: Mon, Mar 21 2011. 06 02 PM IST
Brussels: The European Union on Monday agreed new economic sanctions against Moamer Kadhafi’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.
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First Published: Mon, Mar 21 2011. 06 02 PM IST