Libya Sanctions

Brief Timeline of Sanctions:

1981—President Ronald Reagan invalidates the use of US passport for travel to Libya.

1982—US bans imports of Libyan oil and a number of exports to Libya

1986—Reagan executive order: US total ban on direct import and export trade, commercialcontracts and travel related activities (due to Berlin disco bombing).

1992—UN Security Council imposes sanctions on Libya in order to pressure them to hand over two Libyan suspects in the Pan Am bombing.

1996—Iran Libya Sanctions Act is passed (ILSA)

1999—UN sanctions suspended when Libya surrenders two suspects in April.

2001—Act amended to allowing the US president to punish non-US firms investing more than $20 million annually in Libya’s energy sector.

2003—After Libya agrees to pay $2.7 billions in compensation to relatives of those killed in Pan Am attack, Britain drafts a Security Council resolution end UN sanctions. Libya also agrees to compensate for the 1989 bombinb of a French UTA airline. Security Council officially lifts sanctions.

2004—US lifts many economic sanctions against Libya and restores diplomatic ties after Libya stops the development of WMDS.

2008—Libya gains a non-permanent seat on the Security Council (a position the country will hold for two years). Sign of improving relations.

Iran and Libya Sanctions Act (ILSA)

First passed on August 5, 1996 by the US Congres.

Renewed in August 2001 for another 5yrs.

• Imposes new sanctions on foreign companies that engage in specified economic transactions with Iran or Libya.
• Bill sanction companies that violate the U.N. prohibitions against trade with Libya in certain goods and services which include
  
• Sanctions intended to:
• Help deny Iran and Libya of any and all resources that could be used to finance international terrorism.
• Limit the flow of resources necessary to obtain WMDs
• Put pressure on Libya to comply with U.N. resolutions, that among other things, call for Libya to extradite for trial the accused perpetrator of the Pan Am 103 bombing
• Specific Bill Provisions: ILSA requires the president to impose at least two of 6 sanctions on the foreign companies that make an investment of more than $20 million (in the case of Iran) and $40 million (in the case of Libya) in their energy sectors.
• Denial of Export-Import Bank loans, credits, or credit guarantees for U.S. exports to the sanctioned entity
• Denial of license for the U.S. export of military or militarily useful technology to that entity
• Denial of U.S. bank loans exceeding $10 million in one years to that entity
• If entity is a financial institution, a prohibition on its services as a primary deals in US government bonds; and/or prohibition on its service as a primary deal in US government funds (each counting as one sanction)
• Prohibition on US government procurement from the entity
• Restriction on imports from the entity, in accordance with the International Emergency Economics Power Act
• As of April 23, 2004, ILSA does not apply to Libya. Bush repealed the sanctions due to Libyan “cooperation.”

*Ever since the repeal of sanctions, there's been an unprecedented number of pending multi-lateral agreements between Libya and various countries in regards to the exploration and modernization of oil. I'm looking into post-sanctions Libya so i can get a better comparitive look.

Sahar