In recent days, the European Union (“EU“) has implemented measures giving effect to United Nations Security Council (“UNSC“) resolutions targeting Libya’s oil sector. Additionally, the UNSC has recently sanctioned one further entity.
On 4 August 2017, the European Union adopted:
- Council Regulation (EU) 2017/1419 of 4 August 2017 amending Regulation (EU) 2016/44 (see here) and Council Decision (CFSP) 2017/1427 of 4 August 2017 amending Decision (CFSP) 2015/1333 (see here), which implement UNSC Resolution 2362 (2017) expanding sanctions laid out in Resolution 2146 (2014); and
- Commission Implementing Regulation (EU) 2017/1423 of 4 August 2017 amending Council Regulation (EU) 2016/44 (see here) and Council Implementing Decision (CFSP) 2017/1429 of 4 August 2017 implementing Decision (CFSP) 2015/1333 (see here), which reflect the UNSC’s addition of the vessel Capricorn to the list of vessels subject to restrictive measures. See also the following notice from the UK’s Office of Financial Sanctions Implementation (“OFSI“) in relation to this measure.
These measures give effect to the UNSC’s expansion of sanctions on illegal oil exports from Libya to cover vessels loading, transporting, or discharging petroleum, including crude oil and refined petroleum products, for export from Libya.
In addition, on 2 August 2017, the United Nations Security Council Committee concerning Libya approved the addition of 1 entry, the vessel Lynn S, to its list of individuals and entities subject to an asset freeze. This measure, adopted pursuant to Resolution 2146 (2014), is a response to information received from the Libyan government that the vessel is transporting gasoil illicitly exported from Libya. As set out in the OFSI notice dated 3 August 2017, this listing has been added to the UK’s consolidated list of financial sanctions targets. Unless the EU implements corresponding sanctions under EU Regulation 2016/44 by 1 September 2017, the asset freeze will cease to apply from 11:59 p.m. on this date until the date of such EU listing.
If you have any questions, please contact Ross Denton of our London office, or any member of the European International Commercial and Trade group with whom you normally work.