EU Lifts Libyan Banking, Oil Sanctions

Law360, New York (September 23, 2011, 5:23 PM EDT) -- The European Union on Friday lifted sanctions on Libya's banking and oil industries on the heels of Moammar Gadhafi's fall from power in August after running the country for more than four decades.

The EU Council removed Libyan National Oil Corp. and Zuietina Oil Co. from the list of companies covered by sanctions the 27-member bloc imposed in March amid Gadhafi's violent efforts to put down a rebellion.

The decisions — which were officially made Thursday but did not take effect until their publication Friday in...
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