White House lifts many commercial sanctions against Libya

White House lifts many commercial sanctions against Libya    With Libya’s apparent commitment to end its nuclear and chemical weapons programs, the Bush administration has committed to lift numerous commercial sanctions against the North African country.
   Sanctions were imposed on Libya in 1996 as part of the Iran and Libya Sanctions Act.
   In response to the White House initiative, the Treasury Department has modified sanctions imposed on U.S. companies and individuals under the authority of the International Emergency Economic Powers Act to allow most commercial activities, financial transactions and investments in Libya.
   “U.S. companies will be able to buy or invest in Libyan oil and products,” the White House said in a statement Friday. “U.S. commercial banks and other financial service providers will be able to participate in and support these transactions.”
   The United States will also lift its objections to Libya’s accession to the World Trade Organization and work to rebuild diplomatic ties with Tripoli.
   However, controls with respect to Libya will be maintained with the country’s presence on the U.S. State Sponsors of Terrorism List. The U.S. government will continue to apply export regulations associated with dual-use goods, or those items with potential military use. Exports of defense articles and services on the U.S. Munitions List remain prohibited. Direct air service between the United States and Libya and third-country code sharing are not yet authorized, nor is the release of frozen Libyan government assets, the White House said.