US Imposes Libya Sanctions
They will likely go after money held by Gadhafi and his inner circle
By Newser Editors and Wire Services
Posted Feb 25, 2011 3:25 PM CST
A Libyan protester holds up a sign as she shouts slogans against Libyan leader Moammar Ghadafi in Benghazi, Libya, Friday.   (AP Photo/Hussein Malla)

(Newser) – The White House announced new sanctions on Libya's government and temporarily abandoned its embassy in Tripoli today, as a final flight carrying American citizens departed from the war-ravaged capital. The Obama administration announced unilateral sanctions against the regime of Moammar Gadhafi. White House spokesman Jay Carney said the government was working with international allies at the United Nations on other pressure to ease violence that erupted in recent days.

Carney said President Obama will meet with the United Nations secretary-general in Washington on Monday to discuss the situation in Libya. Carney did not immediately describe the sanctions in detail, but US Treasury officials warned American banks and financial institutions that they were required to scrutinize "private banking accounts held by or on behalf of senior foreign political figures" and any transactions involving diverted or illegal funds. Carney hinted that the sanctions will likely target Gadhafi and his inner leadership circle. Click for more.