Log in or register
Share on LinkedInShare on LinkedIn

ARTICLE · 04 MAY 2011

Treasury/OFAC Issues General License No. 5

Steptoe LLP
Steptoe LLP
Contributor
Steptoe LLP

Steptoe LLP

Steptoe International (UK) LLP has built a strong reputation for providing top-quality regulatory,...

View firm profile
Explore more from Steptoe LLP

As referenced in our February 28 and April 12, 2011 advisories, the United Nations Security Council adopted Resolution 1970 (2011) in response to the Qadhafi regime’s actions against political protestors and the civilian population in Libya.

United StatesInternational Law
Edward Krauland
Edward Krauland
Jack Hayes
Jack Hayes
Meredith Rathbone
Meredith Rathbone

License Authorizes Transactions Relating to Certain Oil, Gas or Petroleum Products Exported From Libya

As referenced in our February 28 and April 12, 2011 advisories, the United Nations Security Council adopted Resolution 1970 (2011) in response to the Qadhafi regime's actions against political protestors and the civilian population in Libya. The most recent OFAC license, General License No. 5, grants certain exemptions to the sanctions imposed by Executive Order 13566 of February 25, 2011.

OFAC issued General License No. 5 on April 26, 2011. It allows US persons to engage in transactions with Qatar Petroleum and the Vitol group of companies related to oil, gas, or petroleum products that are exported from Libya, in accordance with the Transitional National Council of Libya ("TNC"), as long as neither the Libyan Government nor any individual with blocked property and interests benefits from such transactions. General License No. 5 does permit transactions

We operate a free-to-view policy, asking only that you register in order to read all of our content. Please login or register to view the rest of this article.

Register for freeORLog in

Related Articles

Legal Intelligence Newsletters: sign up for the latest legal and regulatory news on your chosen topics

Read more about

See more popular content from

Article

U.S.-China Trade Truce Extended Two Months: BIS Affiliates Rule Suspension Follows

The U.S.-China trade truce has been extended through January 10, 2027, pushing back the effective date of the Bureau of Industry and Security's Affiliates Rule. While the suspension delays immediate compliance obligations, the rule remains in place and companies should use this additional time to prepare their compliance programs before the suspension potentially expires.
GlobalInternational Law
Crowell & Moring LLP
Crowell & Moring LLP
Article

The Lindsey Graham Sanctions Act: What Businesses Need To Know About The New Tariffs

President Trump signed the Lindsey O. Graham Sanctioning Russia and Iran Act into law on September 18, 2026, establishing mandatory tariffs of up to 500% on Russian goods and up to 100% on goods from countries that continue to buy Russian energy. The Act targets major importers like China, India, and Turkey, with limited relief mechanisms including natural gas exceptions, presidential waivers, and a 270-day winddown period for entities divesting from Russian operations.
GlobalInternational Law
Crowell & Moring LLP
Crowell & Moring LLP
Article

Updates On Export Controls Impacting AI & Advanced Computing

The U.S. Department of Commerce's Bureau of Industry and Security issued guidance on May 31, 2026, clarifying licensing requirements for advanced computing items and AI technologies. The guidance maintains export restrictions for entities in certain countries while providing limited relief for data center operators, though questions remain about future regulatory direction. Companies must now strengthen their compliance programs and supply-chain due diligence as BIS continues to prioritize national security
GlobalInternational Law
Finnegan, Henderson, Farabow, Garrett & Dunner LLP
Finnegan, Henderson, Farabow, Garrett & Dunner LLP
Article

FCC Tightens Equipment Rules

The Federal Communications Commission has adopted sweeping new restrictions targeting equipment containing components from entities on its Covered List, fundamentally reshaping how manufacturers, online marketplaces, and equipment modifiers must approach FCC compliance. These rules establish unprecedented prohibitions on logic-bearing hardware components, impose strict display requirements for e-commerce platforms, and clarify when existing authorizations can support equipment modifications.
United StatesMedia, Telecoms, IT, Entertainment
Steptoe LLP
Steptoe LLP
Article

Sanctions Update: October 26, 2026

This comprehensive sanctions update examines the US Department of Homeland Security's exclusion order on DeepSeek AI products across federal agencies, exploring implications for US-China tech competition and potential escalation in AI controls. The analysis covers recent international sanctions developments including Iran's shadow fleet network, intellectual property theft enforcement, and evolving regulatory measures across US, EU, and Asia-Pacific jurisdictions.
GlobalGovernment, Public Sector
Steptoe LLP
Steptoe LLP
Article

Weekly Sanctions Update: September 14, 2026

The Treasury Department intensifies economic pressure on Iran through Operation Economic Outcast, suspending aviation licenses and sanctioning dozens of entities while implementing a presumption of denial for Iran-related transactions. Meanwhile, new enforcement actions target Chinese cybercrime platforms, Ecuadorian terrorist organizations, and Israeli settlers, as Congress considers comprehensive Russia-Iran sanctions legislation.
GlobalGovernment, Public Sector
Steptoe LLP
Steptoe LLP
Article

The Analysts' Brief: The US-Russia Diesel Deal

The Trump administration's October 2025 diesel deal with Russia promises temporary sanctions relief to ease US fuel prices before midterm elections, but analysts question whether the limited supply will meaningfully impact global markets or represent a lasting shift in US-Russia relations. The agreement has already strained transatlantic partnerships and US-Ukraine cooperation while raising compliance uncertainties for businesses navigating evolving sanctions regimes.
GlobalGovernment, Public Sector
Steptoe LLP
Steptoe LLP
Article

Weekly Sanctions Update: September 21, 2026

The Lindsey O. Graham Sanctioning Russia and Iran Act of 2026 has become law, imposing sweeping sanctions on Russian officials, financial institutions, and shadow fleet vessels while authorizing tariffs up to 100 percent on major purchasers of Russian oil and natural gas. How will these new measures impact global trade relationships, particularly with China and India as the largest buyers of Russian crude?
GlobalGovernment, Public Sector
Steptoe LLP
Steptoe LLP