[Code of Federal Regulations]
[Title 31, Volume 2]
[Revised as of July 1, 2004]
From the U.S. Government Printing Office via GPO Access
[CITE: 31CFR550.406]

[Page 763]
 
                  TITLE 31--MONEY AND FINANCE: TREASURY
 
 CHAPTER V--OFFICE OF FOREIGN ASSETS CONTROL, DEPARTMENT OF THE TREASURY
 
PART 550_LIBYAN SANCTIONS REGULATIONS--Table of Contents
 
                        Subpart D_Interpretations
 
Sec. 550.406  Offshore transactions.

    (a) The provisions contained in Sec. Sec. 550.209 and 550.210 apply 
to transactions by U.S. persons in locations outside the United States 
with respect to property in which the U.S. person knows, or has reason 
to know, that the Government of Libya has or has had any interest since 
4:10 p.m. EST, January 8, 1986, including:
    (1) Importation into such locations of, or
    (2) Dealings within such locations in, goods or services of Libyan 
origin.
    (b) Example. A U.S. person may not, within the United States or 
abroad, purchase, sell, finance, insure, transport, act as a broker for 
the sale or transport of, or otherwise deal in, Libyan crude oil or 
petroleum products refined in Libya.
    (c) Note. Exports or reexports of goods and technical data, or of 
the direct products of technical data (regardless of U.S. content), not 
prohibited by this part may require authorization from the U.S. 
Department of Commerce pursuant to the Export Administration Act of 
1979, as amended, 50 U.S.C. App. 2401 et seq., and the Export 
Administration Regulations implementing that Act, 15 CFR parts 368-399.

[53 FR 5572, Feb. 25, 1988]