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Gold/Mining/Energy : Lundin Oil (LOILY, LOILB Sweden)
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To: Tomas who wrote (797)10/26/1998 10:43:00 PM
From: Tomas  Read Replies (1) of 2742
 
U.N. Adopts Libyan Draft Aimed At U.S. Sanctions

UNITED NATIONS (Reuters) - The U.N. General Assembly Monday adopted a Libyan-sponsored resolution, aimed at the United States, calling for the immediate repeal of laws that unilaterally impose sanctions on companies and nationals of other countries. The vote was 80 in favor, with only the United States and Israel voting against. But an unusually large number of 67 delegations abstained.

Although the resolution does not mention the United States by name, it is directed against such U.S. legislation as the 1996 Iran-Libya Sanctions Act which punishes foreign firms investing in energy projects in those two countries, on the grounds that they support terrorism.

The resolution, similar to one that the assembly adopted in 1996 by 56 to four, with 76 abstentions, ''reiterates its call for the immediate repeal of unilateral extraterritorial laws that impose sanctions on corporations and nationals of other states.''

It also urges all states ''not to recognize or apply extraterritorial coercive economic measures or legislative enactments'' unilaterally imposed by any state. The resolution reaffirms the ''inalienable right of every state to seek economic and social development and to choose the political, economic and social system'' that it deems the most appropriate for the welfare of its peoples.

dailynews.yahoo.com
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