Italy's release of Libyan billions may face Chinese obstruction

World News
03-09-2011 | 13:13
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Italy's release of Libyan billions may face Chinese obstruction
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Italy's release of Libyan billions may face Chinese obstruction
Italy is looking to unblock $3.59 billion in frozen Libyan assets within 1-2 weeks, Foreign Minister Franco Frattini said on Saturday.    

He said the assets could be released once approval from the United Nations sanctions committee is received, which he said would probably take around 1-2 weeks. However, Italy may face opposition in the sanctions committee as China was already reported as obstructing the release of Libya's frozen assets on Saturday, ahead of Frattini's announcement.  

The head of  Libya's National Transitional Council (NTC) Mustafa Abdel Jalil said in a press conference on Saturday that "China is obstructing the release of Libya's frozen assets," adding that Libyan rebel leader Mahmoud Jibril had earlier met with a representative of the Chinese government to further understand this "unexpected position".
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