Merve Aydogan
17 January 2025•Update: 17 January 2025
HAMILTON, Canada
The UN Security Council adopted a resolution Thursday reinforcing its commitment to Libya's sovereignty, stability and unity through extended sanctions and new measures on frozen assets.
The resolution, submitted by the UK, received 14 votes in favor and only one abstention by Russia.
It extends sanctions originally implemented in 2011 and aims to strengthen the arms embargo, travel bans and asset freezes to prevent further destabilization of the country.
The resolution includes a pivotal provision regarding Libya's frozen assets and decided to allow the Libyan Investment Authority's frozen cash reserves to be reinvested.
According to the resolution, the funds can be invested in low-risk time deposits with appropriate financial institutions, ensuring the preservation of their value and eventual benefit to the Libyan people.
The decision is to be implemented in consultation with the government of Libya and after notification by the relevant member states in which the assets are currently held.
Meanwhile, the mandate of the Panel of Experts tasked with overseeing compliance with the sanctions has been extended until May 15, 2026. Authorizations related to preventing the illicit export of Libyan petroleum, initially introduced under a previous resolution from 2014, have also been extended until May 1, 2026.
In recent years, Libya has faced a conflict between the Government of National Unity led by Libyan Prime Minister Abdul Hamid Dbeibeh, based in the capital Tripoli and recognized internationally, and another government based in Benghazi, which controls the eastern part of the country and southern cities.
