International Law Advisory - Department of Commerce Finalizes Regulation re Easing of Libya Sanctions

Further to our advisories of April 20 and April 23, 2004, the Department of Commerce, Bureau of Industry and Security (“BIS”) today finalized an interim rule revising export and re-export restrictions on Libya.  The interim rule is scheduled to be published in the Federal Register on Thursday, April 29.  At that time, the Department of Treasury General License, issued on April 23, 2004 and discussed in our previous advisory, will go into effect, thus lifting most economic sanctions against Libya.  Export / re-export authorization vis-à-vis Libya will then be transferred to BIS.

We obtained an advance copy of the BIS interim rule this afternoon.  We are currently reviewing the interim rule, and will publish a follow-up advisory discussing the details of the relevant regulatory changes after completing our review.  We will also advise you when the interim rule is formally published in the Federal Register.  Please note that, pursuant to the Treasury General License, economic sanctions against Libya remain in effect until the BIS interim rule is published in the Federal Register.

If you have any questions in the meantime, please contact Ed Krauland at 202.429.8083 or David Lorello at 202.429.6757.