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Summary EU reached an agreement in principle to lift sanctions against Libya's ports and 22 other entities.
The European Union is expected to lift sanctions against Libyas ports and 22 economic entities including a clutch of oil companies by Friday, diplomats said.The EU reached an agreement in principle to remove the six port authorities from its sanctions list as well as 22 other entities, the diplomats said. Three or four oil companies will be de-listed, they said.It was agreed this morning, one diplomat said, adding that EU governments will formally approve the decision on Thursday and that the move will come into force when it is published in the 27-nation blocs Official Journal on Friday.The EU froze the assets of nearly 50 entities as well as the six ports to punish the regime of Moamer Kadhafi for its brutal repression of a revolt.But rebels took control of Tripoli last week, effectively ending Kadhafis 42-year iron grip on the country.Once the new regime is well established, theres no reason to maintian the sanctions, EU president Herman Van Rompuy told the French-language LCI television channel, without confirming the imminent lifting of the measures.We must give every chance to the transitional government, he stressed, adding that a decision would be made Thursday.The rebel National Transitional Council (NTC) had asked the EU to lift the sanctions. The opposition also wants the international community to release billions of dollars in Libyan assets that have been frozen worldwide.The EU must wait for a green light from the United Nations to remove all the remaining sanctions against Libya because some were linked to punitive measures imposed by the world body, one of the European diplomats said.The move to lift the sanctions coincides with an international conference on Libya, dubbed Friends of Libya, a meeting that Paris will host on Thursday with the participation of top officials from across the world.The UN Security Council agreed last week to unblock $1.5 billion in Libyan assets frozens in US banks. The world body authorised Britain to release $1.6 dollars on Tuesday to provide humanitarian aid to Tripoli.France hopes to secure UN authorisation to release 1.5 billion euros by the end of the week, the French presidency said Wednesday. French banks hold 7.6 billion euros in Libyan assets.
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