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US slaps sanctions on 14 Libyan oil companies

Posted by on March 23, 2011 0 Comment

Washington, March 23 (IANS) The US has slapped sanctions against 14 companies owned by Libya’s National Oil Corporation to cut off funding for the Muammar Gaddafi government.

A US-led military coalition is bombarding Gaddafi-held targets in the North African country to enforce a UN-approved no-fly zone.

The National Oil Corporation has been “a primary funding source” for the Libyan government, Adam J. Szubin, director of the Treasury Department’s Office of Foreign Assets Control, was quoted as saying by Xinhua Tuesday.

“Consistent with the UN Security Council Resolution 1973, all governments should block the National Oil Corporation’s assets and ensure that Gaddafi cannot use this network of companies to support his activities,” he said.

The department said it would continue monitoring the corporation’s operations, noting that should the corporation’s subsidiaries “come under different ownership and control”, it may consider authorising deals with them.


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