[Code of Federal Regulations]

[Title 31, Volume 3]

[Revised as of July 1, 2005]

From the U.S. Government Printing Office via GPO Access

[CITE: 31CFR550.406]



[Page 280]

 

                  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]