President Terminates National Emergency With Respect to Libya, Etc
The Treasury Department has issued a press release regarding President Bush's termination of the national emergency with respect to Libya and the removal of all remaining economic sanctions that have been in place against Libya since 1986 under the International Emergency Economic Powers Act (IEEPA). According to the press release, the President has taken this action in response to Libya's concrete progress in dismantling its weapons of mass destruction and the missiles capable of delivering them.
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Specifically, President Bush issued Executive Order (EO) 13357, effective September 21, 2004 at 12:01 a.m. EDT, that among other things terminated the national emergency declared in EO 12543 of January 7, 1986 and revoked EO 12543 of January 7, 1986, EO 12544 of January 8, 1986, EO 12801 of April 15, 1992, EO 12538 of November 15, 1985.
According to the press release, the prohibitions of the Libyan Sanctions Regulations will be lifted, and all property and interests in property blocked under this program will be unblocked. The President's actions also remove the remaining economic restrictions on aviation services with Libya, permitting for the first time direct scheduled air service and regular passenger charter flight.
(See ITT's Online Archives or 04/30/04 news, 04043010, for BP summary of the April 2004 lifting of much of the economic embargo against Libya.)
EO 13357 (dated 09/21/04) available at
http://www.whitehouse.gov/news/releases/2004/09/20040920-5.html.
Treasury Department press release (dated 09/20/04) available at
www.treas.gov/press/releases/js1932.htm.
BP Note
BP is checking with the Office of Foreign Assets Control (OFAC) for clarification on the sanctions against Libya that are being lifted, etc. as a result of the termination of the national emergency, and BP will summarize EO 13357 once such clarifications are received.