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Libya: British plans to strip Gaddafi of oil revenue

Published: March 8, 2011
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Source: Telegraph

William Hague, the Foreign Secretary, has told MPs that he is considering the case for international action to divert oil revenues into an escrow account that would be administered by the UN on behalf of the Libyan people.

The plan, similar to the oil-for-food system imposed on Saddam Hussein's Iraq after the first Gulf War, would require the UN Security Council to invoke its powers under Chapter VII of the UN charter.

Mr Hague said he was looking at the plan as part of efforts to "reduce the financial flows to the Gaddafi regime" amid fears that state oil revenues are helping to fund violence against opposition groups and civilian protesters.

The personal finances of the dictator and his household are subject to international sanctions and asset-freezes, but the regime continues to have access to hundreds of millions of dollars' of state oil revenues.

Although some oil production facilities such as Ras Lanuf are in opposition hands, Col Gaddafi still holds Libya's largest oil terminal, Es Sider.

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