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Libya: Oil

Question for Foreign and Commonwealth Office

UIN 66184, tabled on 1 March 2017

To ask the Secretary of State for Foreign and Commonwealth Affairs, what assessment he has made of the effect of increased revenue from oil production in Libya on the effectiveness of economic sanctions imposed on that country.

Answered on

9 March 2017

‚ÄčThe increase in Libya's oil production is a welcome development and should provide additional government revenue to enable the delivery of public services. As production increases, it is important that the international community remains vigilant to ensure the effective enforcement of the sanctions reaffirmed under UN Security Council Resolution 2278 against any attempts to divert oil revenue from legitimate channels, including by parallel institutions that claim to be the legitimate authority but are outside of the Libyan Political Agreement. UN Security Council Resolutions 2259 and 2278 highlight the importance of the Libyan State financial institutions, including the National Oil Corporation, the Central Bank of Libya, and the Libyan Investment Authority, continuing to function for the benefit of all Libyans.