All
Authorised Dealers
in Foreign Exchange,
Dear
Sirs,
SANCTIONS
IMPOSED BY U.N. SECURITY COUNCIL AGAINST LIBYA
1.
Effective 00.01 EST on 1st 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:
-
Funds
or other financial resources (including funds derived
or generated from property)owned or controlled, directly
or indirectly, by:
-
The
Government or Public Authorities of Libya, or
-
Any
Libyan undertaking shall stand frizzed.
-
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.
-
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 1st 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.