EU diplomats are close to finalising a list of Libyan companies to be added to a recent asset freeze and travel ban related to 26 members of the Gaddafi regime. A diplomatic contact says the multi-billion-euro Libyan Investment Authority is very likely to be included, along with an investment bank and three other major firms.
“We’re looking at targeting assets that are clearly linked to those people already identified as perpetrators of human rights abuses.”
The details are yet being held back to prevent money being smuggled out before the measures are in place. France, Germany and the UK are leading the new initiative.
The sanctions are to be adopted informally at around 10 am Brussels time on Tuesday, unless Italy or Malta – the two EU countries closest to Libya – raise last-minute objections. the EUobserver.com reports.
The Libyan Investment Authority and the Libyan Central Bank hold stakes in prominent Italian companies.
In addition, Gaddafi and his companions owes 7.5 percent of the Juventus football club, 2 percent of arms firm Finmeccanica, amajor part of car-maker Fiat, a part of Italian energy giant Eni and a stake in Telecom Italia.
The EU ministers meeting at the competitiveness council in Brussels on Thursday are likely to stamp the measures as an emergency summit on Libya in the EU capital the next day.
“If Gaddafi and his military continue to attack the Libyan population systematically, I can’t imagine the international community and UN standing idly by,” he told a press conference in Brussels.
Adding: “I assume that any Nato operation would take place in accordance with, and pursuant to, a UN mandate, and I take note of the fact that the current UN mandate doesn’t authorise the use of armed force.”
Nato defence ministers are to meet in the EU capital on Thursday and Friday in an event scheduled before the Libya conflict broke out.
Well, I guess this is the opportunity many Western politicians and generals have been waiting for.
Related by the Econotwist’s:
- The Gaddafi Effect
- Middle East CDS Spreads Explodes
- 2011 Key European Issue: Politicians And Politics
- Critical Credit Week For Portugal
- Italy tiptoes on Libya due to energy, trade, migrants (reuters.com)
- EU to Add Sanctions on Libya (online.wsj.com)
- Italy Freezes Some Libyan Assets, Not LIA – Wall Street Journal (news.google.com)
- Britain objected to the Libyan shipment of currency equal to $162 million (currencynewshound.wordpress.com)