All Authorised Dealers
in Foreign Exchange,

Dear Sirs,

SANCTIONS IMPOSED BY U.N. SECURITY COUNCIL AGAINST LIBYA

1. Effective 00.01 EST on 1^st December, 1993, U.N. Security Council has imposed some sanctions against Libya vide Resolution No.883 of 1993. These sanctions are mandatory in nature and all members of the United Nations are bound to implement these regulations.

2. To implement the provisions of the resolution concerning sanctions pertaining to foreign exchange, the following instructions are issued:

1. Funds or other financial resources (including funds derived or generated from property)owned or controlled, directly or indirectly, by:

1. The Government or Public Authorities of Libya, or

2. Any Libyan undertaking shall stand frizzed.

2. All payments due to be made to any person identified as acting on behalf  of (a) or (b) of Para 2(I) above on account of imports or otherwise shall be with held till issuance of further instructions.

3. Any commercial transactions with Libyan Arab Airlines including honoring or    endorsement of any tickets or other documents issued by that airline    stands prohibited.

3. The instructions in Para 2 above would not apply to funds or other financial resources derived from the sale or supply of any petroleum or petroleum products, including natural gas and natural gas products, or agricultural products or commodities, originating in Libya and exported therefrom after 00.01 EST on the 1^st December, 1993 provided that any such funds are paid into separate bank accounts exclusively for these funds.

4. The above instructions may be noted carefully for compliance.