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Unfreezing Libyan Assets Could Create Challenges for U.S. Banks
By Colby Adams
printU.S. financial institutions may be left to sort out the ultimate destination of billions of dollars in Libyan assets frozen in February in retaliation for the African government's brutal crackdown on protestors. On Thursday, the UN Security Council endorsed an American plan to unfreeze $1.5 billion of Libyan assets in three $500 million tranches "within days," according to a statement by the U.S. State Department. The figure represents approximately half of the liquid assets frozen under a Feb. 25 executive order. Banks will be mandated to release the funds, which have been allocated to cover humanitarian, administrative and fuel costs,...
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