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FINANCIAL NEWS
Disagreements on level of sanctions on Libya
02 Mar 2011
(MENAFN) Even though most countries agreed to impose a freeze on the assets of the Libyan leader, Muammar Qaddafi, they did not agree on whether sanctions should include Libyan governmental institutes, reported the National.
UN, EU, US, UK, Canada, Switzerland and Austria imposed a freeze on the assets of Qaddafi, his family members and entourage. However, the countries’ position from institutions such as the Libyan Investment Authority (LIA) remains divided.
The US and Austria are freezing assets of both individuals as well as the government. The UK treasury officials on the other said that they are still studying the level of involvement of Al Qaddafi in institutions such as LIA. They said that since the assets of LIA are owned by the state, not directly by Qaddafi’s people, a freeze was not imposed.
It is worth noting that these sanctions came as a result of Al Qaddafi’s regime violent attacks against protestors in Libya, killing and injuring hundreds of people.
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