New Sanctions Against Libya

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In response to the increasingly violent response by the Qadhafi regime to the protests and revolution occurring in Libya, the international community has responded with a series of new trade sanctions against Libya aimed at Colonel Qadhafi, his family and associates, and his government. Companies are now advised to consider very carefully the impact of the new sanctions before proceeding with any business dealings with Libya.

In rapid succession, the United Nations, United States, European Union and countries including the United Kingdom and Canada, have adopted wide-ranging sanctions against Libya. These sanctions respond to recent violence in Libya by the government of Colonel Muammar Qadhafi, and include export restrictions, asset freezes and travel bans, among other things.

These sanctions mainly focus on financial transactions and trade in materials that could be used to promote violence. At the same time, the sanctions are broadly drafted and have the potential to affect virtually any company that does business in Libya directly or indirectly. Companies doing business in Libya must therefore be aware of—and adapt to—a rapidly changing legal environment.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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