1. Regulations
  2. title 31
  3. chapter V
  4. part 570
  5. subpart E
  6. § 570.514

View all text of Subpart E [§ 570.501 - § 570.518]

§ 570.514 - Transactions with, and property and interests in property of, the Libyan National Oil Corporation and its subsidiaries.

(a) As of September 19, 2011, all transactions involving the Libyan National Oil Corporation (NOC) or entities owned or controlled by the NOC are authorized, provided that such transactions do not involve any other persons whose property and interests in property are blocked.

(b) As of September 19, 2011, all property and interests in property of the NOC and entities owned or controlled by the NOC are unblocked.

(c) Within 10 business days of the release of any blocked funds, including cash and securities, pursuant to paragraph (b) of this section, a report must be filed with the Compliance Division of the Office of Foreign Assets Control via email to [email protected]. For each amount released, the report must include a copy of the related initial blocking report and indicate the date that the funds were released and the amount released.

[87 FR 59678, Oct. 3, 2022, as amended 89 FR 15742, Mar. 5, 2024]

AUTHORITY: 3 U.S.C. 301; 31 U.S.C. 321(b); 50 U.S.C. 1601-1651, 1701-1706; 22 U.S.C. 287c; Pub. L. 101-410, 104 Stat. 890, as amended (28 U.S.C. 2461 note); E.O. 13566, 76 FR 11315, 3 CFR, 2011 Comp., p. 222; E.O. 13726, 81 FR 23559, 3 CFR, 2016 Comp., p. 454.

SOURCE: 87 FR 59678, Oct. 3, 2022, unless otherwise noted.

CITE AS: 31 CFR 570.514