Sanctions against Libya adopted

Today the Government adopted regulations imposing targeted sanctions on the Libyan regime, taking Security Council resolution 1970 (2011) as its basis.

“The international community hopes the sanctions will help to stop the violence and bring the perpetrators to justice,” said Foreign Minister Jonas Gahr Støre. The resolution was adopted in response to reports of gross and systematic human rights violations in Libya, including arbitrary killings and arrests, that may amount to crimes against humanity. The situation in Libya is also regarded as a threat to international peace and security.

The regulations provide for a comprehensive arms embargo against Libya as well as measures to freeze the assets of individuals with close ties to the regime and any entities controlled by them, directly or indirectly. For example, the regulations require Norwegian banks to freeze all assets controlled by the Libyan regime and report such assets to the Ministry of Foreign Affairs.

“We are following the situation closely and will, together with close partners, consider taking further measures and extending the list of individuals and entities covered by these measures,” said Mr Støre.

The regulations enter into force immediately. Any violations of the provisions of the regulations are punishable by fines or imprisonment.

The Libyan regime could not easily transfer assets from Norway previously either. The financial institutions were under a strict obligation to exercise vigilance under the general provisions on money laundering.

The regulations are available here (in Norwegian only): www.lovdata.no