EU Extends Libyan Asset Freeze to Key Financial Entities

On March 10, 2011, the EU Council of Ministers adopted an implementing decision and an implementing regulation concerning the EU’s existing Libyan sanctions. These measures extend the scope of the EU’s asset freeze to the funds and economic resource of several government bodies and government-owned companies. This development brings the EU’s Libyan sanctions a step closer to the U.S. regime, but the EU measures remain less restrictive, as they do not include a general freeze of assets of all Libyan State-owned or controlled companies.