Austria freezes $1.7 bn of Libyan assets

By DPA,

Vienna : Austria’s government decided Tuesday to freeze assets belonging to Libyan leader Muammar Gaddafi’s family which could amount to up to 1.2 billion euros ($1.7 billion).

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Chancellor Werner Faymann said the cabinet’s move was in line with sanctions passed by the European Union Monday.

The National Bank confirmed that Libyan assets worth 1.2 billion euros were deposited in Austria, but said it had yet to determine which of those funds belonged to members of Gaddafi’s inner circle.