Joint Proposal for a COUNCIL REGULATION amending Regulation (EU) No 204/2011 concerning restrictive measures in view of the situation in Libya
Date: 2011-12-19
Institutions: European Commission, High Representative of the Union
Subjects: Libya, capital movement, economic sanctions, international sanctions

EUROPEAN 
COMMISSION 

HIGH REPRESENTATIVE OF THE_ 
EUROPEAN UNION FOR _FOREIGN AFFAIRS
AND _SECURITY POLICY

Brussels, 19.12.2011 
COM(2011) 940 final 

2011/0467 (NLE) 

Joint Proposal for a 

COUNCIL REGULATION 

amending Regulation (EU) No 204/2011 concerning restrictive measures in view of the 
situation in Libya 

 
 
  
 
(1) 

(2) 

(3) 

(4) 

(5) 

EXPLANATORY MEMORANDUM 

On  2  March  2011,  the  Council  adopted  Regulation  (EU)  No  204/2011  imposing 
restrictive  measures  in  view  of  the  situation  in  Libya  in  order  to  give  effect  to  UN 
Security Council Resolution 1970 (2011). In accordance with UN Security Council 
Resolution 1973 (2011) of 17 March 2011, the assets of the Central Bank of Libya 
and the Libyan Arab Foreign Bank were frozen under Regulation (EU) n° 233/2011. 

On 15 September 2011, the UN Security Council adopted Resolution 2009 (2011) to 
promote Libya’s recovery from its recent conflict and begin unwinding some of the 
sanctions  imposed  under  UNSCR  1970  and  successive  resolutions.  UNSCR  2009 
provides for a transparent and responsible unfreezing of certain frozen funds in order 
to support the resumption of economic activity.  

On  16  December  2011  the  UN  Security  Council  decided  to  lift  the  restrictive 
measures on the Central Bank of Libya and the Libyan Arab Foreign Bank, which it 
had imposed by Resolution 1973(2011) of 17 March 2011. The Council is preparing 
a CFSP Decision to endorse this UN decision. 

These  measures  fall  within  the  scope  of  the  Treaty  on  the  Functioning  of  the 
European  Union  and,  therefore,  notably  with  a  view  to  ensuring  their  uniform 
application  by  economic  operators  in  all  Member  States,  regulatory  action  at  the 
level of the Union is necessary in order to implement them. 

The  High Representative for Foreign  Affairs and Security Policy and the European 
Commission  therefore  propose  to  terminate  the  corresponding  restrictive  measures 
laid down in Council Regulation (EU) No 204/2011 concerning restrictive measures 
in view of the situation in Libya. 

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2011/0467 (NLE) 

Joint Proposal for a 

COUNCIL REGULATION 

amending Regulation (EU) No 204/2011 concerning restrictive measures in view of the 
situation in Libya 

THE COUNCIL OF THE EUROPEAN UNION, 

Having  regard  to  the  Treaty  on  the  Functioning  of  the  European  Union,  and  in  particular 
Article 215 thereof, 

Having  regard  to  Council  Decision  2011/…/CFSP  of  …  2011  amending  Council  Decision 
2011/137/CFSP concerning restrictive measures in view of the situation in Libya1, 

Having  regard  to  the  joint  proposal  from  the  High  Representative  of  the  Union  for  Foreign 
Affairs and Security Policy and the European Commission, 

Whereas: 

(1) 

(2) 

(3) 

(4) 

On  2  March  2011,  and  further  to  Council  Decision  2011/137/CFSP,  the  Council 
adopted Regulation (EU) No 204/2011 concerning restrictive measures in view of the 
situation  in  Libya2.  Regulation  (EU)  No  204/2011  provides  in  particular  for  the 
freezing of funds and economic resources of the Central Bank of Libya and the Libyan 
Arab Foreign Bank. 

In light of UNSCR 2009 (2011), and further to Decision 2011/625/CFSP, Regulation 
(EU) No 965/2011 provides in particular for adjustments to the assets freeze of certain 
Libyan entities in order to support Libya’s economic recovery. 

By means of its decision of 16 December, the UN Security Council decided that the 
measures concerning the Central Bank of Libya and Libyan Arab Foreign Bank should 
be  terminated.  In  line  with  Decision  2011/…/CFSP  the  relevant  provision  of 
Regulation (EU) No 204/2011 should therefore be amended, 

These measures fall within the scope of the Treaty on the Functioning of the European 
Union and, therefore, in particular with a view to ensuring their uniform application by 
economic operators in all Member States, regulatory action at the level of the Union is 
necessary in order to implement them. 

(5) 

In order to ensure that the measures provided for in this Regulation are effective, this 
Regulation must enter into force immediately, 

1 
2 

OJ L …, …2011, p. … 
OJ L 58, 3.03.2011, p. 1. 

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HAS ADOPTED THIS REGULATION: 

Article 1 

Regulation (EU) No 204/2011 is amended as follows: 

Article 5 (4) is replaced by the following:  

“4.  All funds and economic resources belonging to, owned, held or controlled on 
16 September 2011 by: 

(a)  Libyan Investment Authority; and 

(b)  Libyan Africa Investment Portfolio, 

and located outside Libya on that date shall remain frozen.”  

Article 2 

This Regulation shall enter into force on the day of its publication in the Official Journal of 
the European Union. 

This Regulation shall be binding in its entirety and directly applicable in all Member States. 

Done at Brussels, 

For the Council 
The President 

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