Sanctions Update: Libya and Syria

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This is an update on sanctions imposed against Libya and Syria. Attached to this briefing is an updated table of sanctions targets.

Libya - EU sanctions

In our client alert of 20 June 2011, we reported that the sanctions targets designated by the EU (at Annex III to Council Regulation (EU) No 204/2011) included six port authorities.

These port authorities, together with 22 other entities, have now been removed from the Annex by Regulation (EU) No. 872/2011 with effect from 2 September 2011. The basis for these removals is that the National Transitional Council has affirmed its control over these entities. As of today, there remain 27 entities and 39 individuals targeted and so it is not the case that all sanctions have been lifted.

Syria - US sanctions

On 18 August 2011, the White House adopted its harshest trade sanctions to date against Syria, responding to ongoing reports of government-backed violence and human rights violations in that country. President Obama's latest executive order blocks all assets of the Syrian government, and bars dealings by US persons with the Syrian state. Previously, under a series of orders issued in April and May, only the Assad family and certain key officials, supporters and entities were subject to asset blocking. Under this new order, however, all government agencies, instrumentalities, and controlled entities (including state-run businesses) are barred from any US dealings, and all of their assets within US jurisdiction are frozen.

Please see full alert below for more information.

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