President Bush has announced the termination of the national emergency with respect to Libya, removing all remaining economic sanctions that have been in place against the country since 1986, under the International Emergency Economic Powers Act (IEEPA).
The action was taken in response to what the White House called Libya's concrete progress in dismantling its weapons of mass destruction and the missiles capable of delivering them.
The prohibitions of the Libyan Sanctions Regulations will be lifted, and all property and interests in property blocked under this program will be unblocked. In response, the U.S. Department of the Treasury unfroze $1.3 billion in assets blocked under the Regulations, which have been blocked since the sanctions were imposed.
In addition, the action removes the remaining economic restrictions on aviation services with Libya, permitting for the first time direct scheduled air service and regular passenger charter flight.
The action also revoked Executive Order 12543 of January 7, 1986, Executive Order 12544 of January 8, 1986, and Executive Order 12801 of April 15, 1992, all of which imposed sanctions against Libya in response to the national emergency.
In February and April of this year, the U.S. Government took important steps toward easing the sanctions against Libya by lifting much of the economic embargo and loosening travel restrictions.
In January 1986, sanctions were imposed against Libya under IEEPA after Libya's involvement in the terrorist attacks against the Rome and Vienna airports in December of 1985. The sanctions were in reaction to Libya's continued support for and use of terrorism against the United States, other countries and innocent persons.
[Source: U.S. Treasury Department]
