Obama extends freeze on Qaddafi's assets

U.S. President Barack Obama signed an executive order Wednesday continuing a national emergency with respect to Libya while gradually easing sanctions in the post-Qaddafi Libya. "We are working closely with the new Libyan government and with the international community to effectively and appropriately ease restrictions on sanctioned entities, including by taking actions consistent with the U.S. Security Council's decision to lift sanctions against the Central Bank of Libya and to other entities. However, the situation in Libya continues to pose an unusual and extraordinary threat to the national security and foreign policy of the United States and we need to protect against this threat and the diversion of assets or other abuse by certain members of Qaddafi's family and other former regime officials," Obama stated in a text of a letter to the Speaker of the House of Representatives and the President of the Senate. "Therefore, I have determined that it is necessary to continue the national emergency with respect to Libya," the text read. Obama initially declared national emergency a year ago, describing former Libyan leader Muammar Qaddafi and his regime an unusual and extraordinary threat to the national security and the foreign policy of the U.S. It effectively froze the Qaddafi's U.S. based-assets, as well as the assets of senior members of his government.