The United Nations Security Council has reaffirmed its commitment to Libya’s sovereignty, stability, and unity by passing a resolution to extend sanctions and introduce new measures concerning the country’s frozen assets. The resolution, submitted by the United Kingdom, was overwhelmingly supported with 14 votes in favor and one abstention from Russia.
The move extends sanctions first imposed on Libya in 2011 following the onset of conflict. These sanctions aim to further reinforce the arms embargo, enforce travel bans, and maintain asset freezes as part of ongoing efforts to prevent further destabilization in the North African nation.
A significant aspect of the new resolution is the provision allowing Libya’s frozen assets to be reinvested. The Libyan Investment Authority (LIA), the country’s sovereign wealth fund, is now permitted to invest its frozen reserves in low-risk, time-based deposits through trusted financial institutions. The goal is to protect the funds from inflation and market volatility, ensuring their eventual benefit to the Libyan people once stability is restored.
This decision will be implemented in consultation with the Libyan government and after proper notifications from the member states that currently hold the assets. The reinvestment process is designed to be transparent and in line with Libya’s long-term economic recovery.
In addition to the asset reinvestment, the resolution also extends the mandate of the Panel of Experts, which oversees the enforcement of sanctions, until May 15, 2026. Furthermore, provisions to prevent the illicit export of Libyan oil, initially introduced under a 2014 resolution, have been extended until May 1, 2026.
Libya has been grappling with political division for years, with the Government of National Unity (GNU), led by Prime Minister Abdul Hamid Dbeibeh and based in Tripoli, facing off against a rival administration in Benghazi that controls the eastern part of the country. The ongoing conflict between these factions has resulted in significant challenges for the country’s recovery and stability.
The UN resolution represents an effort to ensure that Libya’s assets are properly managed and reinvested in a way that benefits the Libyan people, supporting the nation’s path to long-term peace and development.