Brussels, 23/09/2011 (Agence Europe) - The Council of the EU decided on Thursday 22 September to ease the embargo on arms and to partially unfreeze Libyan assets (see EUROPE 10458). Two oil sector companies, the Libyan National Oil Corporation and the Zuietina Oil Company, have had the freeze on their assets completely lifted. The EU opted, however, as a preventative measure, only to partially lift the sanctions against the Central Bank of Libya, the Libyan Investment Authority, the Libyan Foreign Bank and Libya Africa Investment Portfolio. This will allow these firms to receive new funds which will no longer be frozen. Previously frozen funds will be able to be released to meet humanitarian needs, support renewed activity in the oil and banking sectors and put new civil institutions and infrastructure in place. The cautious approach adopted by the Council can be justified, according to a diplomat, by the fact that, of the $150 billion or so held by the Central Bank of Libya and the Libyan Investment Authority, only $50 billion are in cash, the remainder being made up of shares and complex financial products. (DD/transl.rt)