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03-03-2011 - Executive Order Prohibiting Libya Transactions

Executive Order No. 13566 was signed by President Obama on February 25, 2011. The order effectively blocks all property and prohibits certain transactions related to Libya. Additionally, the U.S. Secretary of State suspended all existing licenses and approvals for export of defense articles and services to Libya.

While Libya is not necessarily a substantial beneficiary of trade with the USA, this is an opportunity to emphasize the need for exporters to exercise caution when transacting business in such an environment. “Knowing your customer” is imperative in an effort to avoid inadvertent diversion of regulated product into a restricted country.

The complete text of the Executive Order is available online at:

http://www.treasury.gov/resource-center/sanctions/Programs/Documents/2011_libya_eo.pdf

In the event additional information is required please do not hesitate to contact your client representative at Geo. S. Bush & Co., Inc. or please call (503) 228-6501, and/or email: info@geosbush.com.