On September 19, 2011, OFAC issued General License No. 7A and General License No. 8 pursuant to the Libyan Sanctions Regulations, 31 CFR Part 570, and Executive Order 13566 of February 25, 2011, "Blocking Property and Prohibiting Certain Transactions Related to Libya."
Consistent with the United Nations Security Council resolution adopted on September 16, 2011, General License No. 7A replaces and supersedes General License No. 7 (dated September 9, 2011) and authorizes U.S. persons to engage in all transactions involving the Libyan National Oil Corporation (NOC) or entities owned or controlled by the NOC, provided that such transactions do not involve any other persons whose property and interests in property are blocked. Subject to a requirement to report to OFAC on the release of any blocked funds, including cash and securities, General License No. 7A unblocks all property and interests in property of the NOC and entities owned or controlled by the NOC.
Also consistent with the United Nations Security Council resolution adopted on September 16, 2011, General License No. 8 authorizes U.S. persons to engage in all transactions involving the Government of Libya, its agencies, instrumentalities, and controlled entities, and the Central Bank of Libya, provided that (1) all property and interests in property, blocked pursuant to E.O. 13566 or the Libyan Sanctions Regulations as of September 19, 2011, remain blocked (except as provided in General License No. 7A); and (2) the transactions do not involve any persons listed on the Annex to General License No. 8. General License No. 8 supersedes the authorization in General License No. 1B (dated June 21, 2011).