Swiss to lift sanctions against two Libyan banks

Switzerland has decided to lift sanctions against two Libyan banks in the wake of a decision by the United Nations Security Council last Friday.

This content was published on December 22, 2011 - 18:33 and agencies

A spokeswoman for the State Secretariat for Economic Affairs told the Swiss News Agency sanctions against the Central Bank of Libya and the Libyan Foreign Bank would be lifted on December 23.

With this decision, “the international assets which are owned or controlled by these banks and were blocked in conformance with the resolutions of the UN” will be unfrozen, the spokeswoman said.

Some SFr265 million ($283 million) in Libyan assets, 90 per cent of which belong to public companies, remain frozen in Switzerland, the spokeswoman said.  

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