European Union to lift oil sanctions against Libya

With Gaddafi removed from power in Libya, the European Union will lift sanctions against Libya.

European Union diplomats say sanctions against several Libyan ports, oil companies and more than a dozen other entities could be lifted as soon as Friday.

The EU’s 27 members reached a preliminary agreement Wednesday in an effort to help Libya’s National Transitional Council resume normal economic activity.  Diplomats say they expect a final agreement on Thursday.

France, meanwhile, has asked the sanctions committee of the United Nations Security Council to allow Paris to release more than $2 billion of frozen Libyan assets.

The sanctions committee has already approved similar appeals by Britain and the United States, releasing a total of more than $3 billion in seized Libyan assets to address urgent humanitarian needs.

The NTC (National Transition Council) will be able to raise revenue through the resumed selling of oil on international markets as it pivots from being an insurgency led coalition to a governing one that is held accountable. The ability to use oil revenue to fund and rebuild will be crucial.

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