Libyan Sanctions – Consolidating Regulation Issued by EU
The EU has consolidated all of its recent measures against Libya into a single new Regulation 2016/44, published on 18 January 2016.
The Regulation would not appear to implement any new measures against Libya. It very broad terms it remains prohibited for any EU entity to:
- Supply materials used for internal repression [Article 2]
- Supply goods on the Common Military List [Article 3]
- Provide funds and economic resources to designated persons listed in Annex II and II of the Regulation [Article 5]
- Transport Libyan crude on “designated vessels” as determined by the Sanctions Committee of the Security Council and shown in Annex V of the Regulation (though none are currently listed) [Article 15]
The list of designated persons shown in Annex II and III remains mostly comprised of persons and entities who supported the Gaddafi regime. Whilst Members are very unlikely to deal with them it would be prudent to check the names of all parties to a transaction involving Libya against those lists.
Members should contact the Managers with any questions concerning the impact of these measures and any other sanctions matters.