Introductory text

THE COUNCIL OF THE EUROPEAN UNION,

Having regard to the Treaty establishing the European Community, and in particualr Article 228a thereof,

Having regard to the common position adopted by the Council of the European Union on 22 November 1993,

Having regard to the proposal of the Commission,

Whereas, under Regulation (EEC) No 945/92^f1, and (EC) No 3274/93^f2 the Community has taken measures to prevent certain trade between the Community and Libya;

Whereas, as a consequence of the embargo against Libya, the economic operators in the Community and third countries are exposed to the risk of claims by Libya;

Whereas the United Nations Security Council has adopted Resolution 883 (1993) of 11 November 1993 which, in its paragraph 8, deals with claims by Libya in relation to contracts and transactions the performance of which was affected by measures imposed by the Security Council pursuant to Resolution 883 (1993) and related resolutions;

Whereas it is necessary to protect operators permanently against such claims and to prevent Libya from obtaining compensation for the negative effects of the embargo;

Whereas the Community has agreed that Libya must comply in full with the provisions of paragraph 8 of United Nations Security Council Resolution 883 (1993) and considers that, in deciding whether to reduce or lift measures taken against Libya, particular account must be taken of any failure by Libya to comply with paragraph 8 of Resolution 883 (1993),

HAS ADOPTED THIS REGULATION: