Sanctions in respect of Libya
Due to the ongoing situation in Libya, a number of new sanctions have recently been imposed; the United Nations Resolution 1970/2011, the European Union Sanctions and the United States Sanctions.
Between them they place restrictions on the movements of the Qadhafi family and members of the Libyan regime believed to be linked to the suppression of dissent, whilst also freezing associated funds and assets.
The United Nations Resolution also specifically requires UN states to prevent the delivery, supply or sale of arms, military and paramilitary equipment to Libya, as well as financial or other assistance for military activities, technical help, training and mercenaries.
Because the situation in Libya is constantly changing, these sanctions may change or new ones imposed. In terms of marine insurance, for those who are conducting or intending to conduct business with Libya, please contact your usual broker at FP Marine Risks so that they can provide up to date guidance regarding your cover.
For more details regarding the sanctions, please go to:
www.un.org/Docs/sc/unsc_resolutions11.htm
www.hm-treasury.gov.uk/d/finsanc_council_regulation_euno204_030111.pdf
www.whitehouse.gov/sites/default/files/2011libya.eo_.rel_.pdf
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