US rolling back most Libya sanctions

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WASHINGTON (AP) — The Obama administration says it has rolled back most of the sanctions it issued against Libya’s banks earlier this year.

The Obama administration froze assets of the Libyan government and then-leader Moammar Gadhafi and four of his children in February, shortly after shuttering the U.S. Embassy in Tripoli and evacuating staff. The move came amid escalating violence in Libya as Gadhafi sought to crush a rebellion against his rule.

The White House says the action unfreezes all government and Central Bank funds within U.S. jurisdiction. Assets in the U.S. of the Gadhafi family and former Gadhafi regime members remain frozen.

The White House says the move will let the Libyan government access most of its worldwide holdings and help with the new government’s transition.