Japan and the Middle East

Lord Hurd of Westwell Excerpts

Monday 14th March 2011 Lords Chamber

[Lord Strathclyde]

My Lords, we are obviously operating under very different conditions. It is impossible to say at this stage whether what everybody is seeking will be successfully achieved. It is a fast-moving picture in Libya, as it is in the rest of the Middle East. My understanding is that the Arab League, while supporting the no-fly zone, has not made any offer of physical assets.

[Lord Hurd of Westwell]

The Statement mentioned the freeze on Libyan assets, whose strengthening I welcome, but are the Government happy about the state of affairs as regards Libyan oil revenues? Can my noble friend give us any assurance that oil revenues will not trickle into the pockets of Colonel Gaddafi?

[Lord Strathclyde]

My Lords, not only have we taken a very firm line from the beginning of this process on freezing the assets of Colonel Gaddafi and his close associates and family, but that has been extended this weekend in the European Council. As a result of this cumulative effort, £12 billion of assets has now been frozen in the United Kingdom. On top of that, as my noble friend will know, we have removed Gaddafi’s head-of-state exemptions from UK controls and we have prohibited the export of uncirculated Libyan banknotes from the UK. There are of course other countries that will wish to undermine these sanctions, but we, with our allies—and there is a very united view about this—will do everything that we can to make sure that Gaddafi feels the pain of sanctions as quickly as possible.