25 Mar '11, 1am

EU urges UN action to block Gaddafi access to oil revenues

BRUSSELS: EU leaders urged the world community Thursday to tighten the noose on Muammar al-Gaddafi by ensuring Libya's oil and gas revenues "do not reach" his regime. In a statement issued at a European Union summit, leaders of the 27-nation bloc said they stood "ready to initiate and adopt further sanctions, including measures to ensure that oil and gas revenues do not reach the Gaddafi regime." "Member states will take similar proposals to the United Nations Security Council," the statement added. Tightening sanctions on oil and gas was necessary "to ensure Gaddafi does not pay his mercenaries with oil resources," said French President Nicolas Sarkozy. The move to strangle funding for Gaddafi followed new sanctions on the Libyan oil sector announced earlier this week and a bid to ban aircraft in European airspace suspected of carrying Libyan-paid mercenaries. Germany, wh...

Full article: http://www.channelnewsasia.com/stories/afp_world/view/111...

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