§ 570.514. Transactions with, and property and interests in property of, the Libyan National Oil Corporation and its subsidiaries.
154 words·~1 min read·
/us/cfr/t31/s§ 570.514·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(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 OFACreport\@treasury.gov. 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. \[87 FR 59678, Oct. 3, 2022, as amended 89 FR 15742, Mar. 5, 2024\]