On September 19, 2011, the Office of Foreign Assets Control, US Department of the Treasury (OFAC), issued two new general licenses to the Libyan Sanctions Regulations (LSR), 31 C.F.R. 570.

The United Nations Security Council (‘UNSC') constantly highlights the importance of international support for Libyan control over its territory and resources.

Tensions in the Middle East continue to occupy oil and gas firms operating within Libya. Reports have suggested that, no matter the outcome of the current conflict, the Libyan National Oil Corporation (NOC) will expect contractual obligations to be kept.

On July 1, 2011, the Treasury Department’s Office of Foreign Assets Control ("OFAC") published a final rule imposing sanctions against Libya. New Part 570 to Title 31 of the Code of Federal Regulations, entitled the "Libyan Sanctions Regulations".

The documentary letter of credit ("LC") is a key payment method in international trade - not only does it satisfy both the seller's and the buyer's conflicting needs, but it also is considered to be relatively risk free.

Following the decision of Rose J on 8 June 2015 setting aside a statutory demand served on Mr Maud, the Libyan Investment Authority appealed to the Court of Appeal.