US Treasury Department imposes sanctions on individuals, companies and vessels smuggling fuel from Libya

  • Libyan Express + Agencies |
  • Monday 26 February 2018

US Treasury Department imposes sanctions on individuals, companies and vessels smuggling fuel from Libya

The United States has issued a new round of sanctions targeting oil smugglers in Libya aimed at blocking exploitation of natural resources that is driving instability, the U.S. Treasury Department said on Monday.

In a statement, Treasury’s Office of Foreign Assets Control (OFAC) said it was sanctioning six people, 24 companies and seven vessels in a move that prohibits Americans from engaging with those targeted and freezes any related property under U.S. jurisdictions, Reuters reported.

The sanctions target people from Libya, Malta and Egypt, according to the statement. Issued under the authority of a 2016 executive order by then U.S. President Barack Obama, companies based in Italy, Libya and Malta are also targets, the statement said, Reuters  added.

The United Nations Security Council has condemned illicit exploitation of oil from Libya, which has been mired in conflict since an uprising in 2011 that overthrew Muammar Gaddafi, who led the country for more than 30 years.

“Oil smuggling undermines Libya’s sovereignty, fuels the black market and contributes to further instability in the region while robbing the population of resources that are rightly theirs,” OFAC’s statement said, according to Reuters.

Libya’s oil production has steadied but is still well below the 1.6 million barrels per day it was pumping before the insurgency seven years ago and is suffering from theft, abduction and other security threats. Production from at least one Libyan oil field has also been disrupted by a dispute over security guards’ pay, Reuters explained.

1st Libya-Europen Oil & Gas Summit

Comments reflect the opinions of the visitor and not those of Libyan Express, its editorial board or staff.