UN Drops Sanctions on Libyan Oil Companies, Eases Bank Rules

The United Nations Security Council dropped sanctions today on two Libyan oil companies and eased restrictions on four banks in a move to boost the nation’s recovery from the war that toppled dictator Muammar Qaddafi.

The Security Council voted 15-0 to adopt a resolution that unfreezes the assets of the Libyan National Oil Corporation and Zueitina Oil Company. The measure permits the Central Bank of Libya, the Libyan Foreign Bank, the Libyan Investment Authority and the Libyan Africa Investment Portfolio to purchase humanitarian aid, fuel, electricity and to back efforts to strengthen the nation’s government and economy.