Corporate

Resolutions on Libya and Related Measures

The illicit exploitation of Libya’s natural resources has been explicitly condemned by the United Nations Security Council (UNSC). At first referring to attempts to illicitly export crude oil from Libya, the condemnation was later extended to cover the exploitation of all of Libya’s natural resources. The UNSC is concerned that the illicit exploitation of Libya’s natural resources supports the armed groups and criminal networks threatening the peace, stability and security of Libya.

The UNSC has encouraged regional states, including Libya, to cooperate in stabilising this country. Cooperation should include, but is not restricted to, the prevention of illicit acts deemed by the UNSC to contribute to the destabilisation of Libya.  The UNSC reaffirmed the importance of international support for Libyan sovereignty over its territory and resources, and extended measures previously adopted in duration, as well as scope. The UNSC extended previous measures explicitly to all vessels involved in the smuggling of Libyan oil products out Libya.

The President of the United States of America used the UNSC Resolutions as a basis for Presidential Executive Order 13726, by which persons involved in any activity related to the aforementioned oil smuggling, or the smuggling of any other natural resource out of Libya, might be subjected to an asset freeze.

 The United States Office of Foreign Assets Contral (OFAC) used Executive Order 13726 to sanction 6 individuals, 24 entities and 7 vessels that it had publicly identified as involved in this smuggling of Libyan resources out of Libya.