While the regulation involves frozen funds and financial institutions, it is primarily a sanctions/restrictive measures instrument focused on geopolitical compliance rather than payment service regulation, product design, or payments infrastructure.
The regulation mentions custodial banks and global custodians managing frozen assets, but the update is fundamentally about sanctions compliance and asset freezing rather than third-party payment service provider oversight.
Specialism
The update explicitly addresses restrictive measures, asset freezes, and sanctions screening for entities designated under UNSC Resolution 2819, with direct application to payment and financial institutions handling frozen assets.
The regulation imposes compliance obligations on financial institutions and custodial banks regarding frozen fund transfers and asset management, which constitutes regulatory reporting and supervisory requirements for payment service providers.
2026-06-15 08:02:16·adavies@vixio.com
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TITLE: European Union Council Amends Restrictive Measures Regulation Concerning Libya Situation
BODY:
On June 12, 2026, the Council of the European Union adopted Council Regulation (EU) 2026/1332, amending Council Regulation (EU) 2016/44 concerning restrictive measures in view of the situation in Libya. The regulation entered into force on June 15, 2026, following its publication in the Official Journal of the European Union (OJ).
The amendment implements changes required by United Nations Security Council (UNSC) Resolution 2819, adopted on April 14, 2026. The UNSC resolution introduces amendments to listing criteria for those subject to restrictive measures and modifies the scope of measures imposed on the Libyan Investment Authority. The regulation amends Article 6 of Regulation (EU) 2016/44 to include natural or legal persons, entities and bodies designated under paragraph 19 of UNSC Resolution 2819 (2026). Additionally, the regulation modifies Article 11a to permit the use of frozen cash reserves belonging to the Libyan Investment Authority for low-risk time deposits or fixed income instruments, subject to Sanctions Committee approval and consultation with the Government of Libya, in accordance with paragraphs 14 of UNSC Resolution 2819 (2026).
The regulation introduces a new Article 11b, authorising the transfer of certain frozen funds or economic resources belonging to the Libyan Investment Authority between custodial banks or financial institutions acting as global custodians within the same jurisdiction. Such transfers require Sanctions Committee approval under paragraph 15 of UNSC Resolution 2819 (2026), with assets remaining frozen throughout and upon completion of transfer. Member States must notify other Member States and the European Commission of any authorisation granted within two weeks.
REFERENCES:
Council Regulation (EU) 2026/1332 of 12 June 2026: http://data.europa.eu/eli/reg/2026/1332/oj
Council Decision (CFSP) 2026/1334 of 15 June 2026: http://data.europa.eu/eli/dec/2026/1334/oj
Regulation - EU - 2026/1332 - EN - EUR-Lex × Skip to main content EUR-Lex Access to European Union law This document is an excerpt from the EUR-Lex website You are here EUROPA EUR-Lex home Regulation - EU - 2026/1332 - EN - EUR-Lex Help Print Menu Quick search Use quotation marks to search for an "exact phrase". Append an asterisk ( * ) to a search term to find variations of it (transp * , 32019R * ). Use a question mark ( ? ) instead of a single character in your search term to find variations of it (ca ? e finds case, cane, care). Search tips Need more search options? Use the Advanced search Document L_202601332 Help Print Council Regulation (EU) 2026/1332 of 12 June 2026 amending Regulation (EU) 2016/44 concerning restrictive measures in view of the situation in Libya Council Regulation (EU) 2026/1332 of 12 June 2026 amending Regulation (EU) 2016/44 concerning restrictive measures in view of the situation in Libya Council Regulation (EU) 2026/1332 of 12 June 2026 amending Regulation (EU) 2016/44 concerning restrictive measures in view of the situation in Libya ST/8305/2026/INIT OJ L, 2026/1332, 15.6.2026, ELI: http://data.europa.eu/eli/reg/2026/1332/oj (BG, ES, CS, DA, DE, ET, EL, EN, FR, GA, HR, IT, LV, LT, HU, MT, NL, PL, PT, RO, SK, SL, FI, SV) ELI: http://data.europa.eu/eli/reg/2026/1332/oj Expand all Collapse all Languages, formats and authentic version Language BG ES CS DA DE ET EL EN FR GA HR IT LV LT HU MT NL PL PT RO SK SL FI SV HTML EN Toggle Dropdown BG ES CS DA DE ET EL EN FR GA HR IT LV LT HU MT NL PL PT RO SK SL FI SV PDF - authentic OJ EN Toggle Dropdown BG ES CS DA DE ET EL EN FR GA HR IT LV LT HU MT NL PL PT RO SK SL FI SV e-signature EN Toggle Dropdown BG ES CS DA DE ET EL EN FR GA HR IT LV LT HU MT NL PL PT RO SK SL FI SV How to verify the authenticity of the Official Journal Multilingual display Language 1 English (en) Bulgarian (bg) Spanish (es) Czech (cs) Danish (da) German (de) Estonian (et) Greek (el) English (en) French (fr) Irish (ga) Croatian (hr) Italian (it) Latvian (lv) Lithuanian (lt) Hungarian (hu) Maltese (mt) Dutch (nl) Polish (pl) Portuguese (pt) Romanian (ro) Slovak (sk) Slovenian (sl) Finnish (fi) Swedish (sv) Language 2 Please choose Bulgarian (bg) Spanish (es) Czech (cs) Danish (da) German (de) Estonian (et) Greek (el) English (en) French (fr) Irish (ga) Croatian (hr) Italian (it) Latvian (lv) Lithuanian (lt) Hungarian (hu) Maltese (mt) Dutch (nl) Polish (pl) Portuguese (pt) Romanian (ro) Slovak (sk) Slovenian (sl) Finnish (fi) Swedish (sv) Language 3 Please choose Bulgarian (bg) Spanish (es) Czech (cs) Danish (da) German (de) Estonian (et) Greek (el) English (en) French (fr) Irish (ga) Croatian (hr) Italian (it) Latvian (lv) Lithuanian (lt) Hungarian (hu) Maltese (mt) Dutch (nl) Polish (pl) Portuguese (pt) Romanian (ro) Slovak (sk) Slovenian (sl) Finnish (fi) Swedish (sv) Display Text Official Journal of the European Union EN L series 2026/1332 15.6.2026 COUNCIL REGULATION (EU) 2026/1332 of 12 June 2026 amending Regulation (EU) 2016/44 concerning restrictive measures in view of the situation in Libya THE COUNCIL OF THE EUROPEAN UNION, Having regard to the Treaty on the Functioning of the European Union, and in particular Article 215 thereof, Having regard to Council Decision (CFSP) 2026/1334 of 15 June 2026 amending Decision (CFSP) 2015/1333 concerning restrictive measures in view of the situation in Libya ( 1 ) , Having regard to the joint proposal from the High Representative of the Union for Foreign Affairs and Security Policy and the European Commission, Whereas: (1) Council Regulation (EU) 2016/44 ( 2 ) gives effect to measures provided for in Council Decision (CFSP) 2015/1333 ( 3 ) concerning restrictive measures in view of the situation in Libya. (2) On 14 April 2026, the United Nations Security Council (UNSC) adopted Resolution 2819 (2026), which introduces an amendment to a listing criterion for those subject to restrictive measures. It also modifies the scope of the measures imposed on the Libyan Investment Authority. (3) These amendments fall within the scope of the Treaty on the Functioning of the European Union and therefore regulatory action at the level of the Union is necessary in order to implement them, in particular with a view to ensuring uniform application in all Member States. (4) Regulation (EU) 2016/44 should therefore be amended accordingly, HAS ADOPTED THIS REGULATION: Article 1 The Regulation (EU) 2016/44 is amended as follows: (1) in Article 6, paragraph 1 is replaced by the following: ‘1. Annex II shall include the natural or legal persons, entities and bodies designated by the Security Council or by the Sanctions Committee in accordance with paragraph 22 of UNSCR 1970 (2011), paragraph 19, 22 or 23 of UNSCR 1973 (2011), paragraph 4 of UNSCR 2174 (2014), paragraph 11 of UNSCR 2213 (2015), paragraph 11 of UNSCR 2362 (2017), paragraph 11 of UNSCR 2441 (2018), paragraph 18 of UNSCR 2769 (2025) or paragraph 19 of UNSCR 2819 (2026).’ ; (2) in Article 11a, paragraph 1 is replaced by the following: ‘1. After notification by the Member State concerned to the Sanctions Committee and provided that the Sanctions Committee has approved the use of frozen cash reserves as referred to in, and in accordance with, paragraph 14 of UNSCR 2769 (2025), which includes consultation with the Government of Libya, and paragraph 14 of UNSCR 2819 (2026), the competent authorities of that Member State shall authorise the use of frozen cash reserves belonging to the entity listed under entry number 1 in Annex VI, exclusively for investment in: (a) low-risk time deposits with an appropriate financial institution selected by the entity listed under entry number 1 in Annex VI and located in the Member State in which the funds are frozen, in the case of frozen cash reserves referred to in “recommendation 7.1” referred to in UNSCR 2769 (2025); or (b) fixed income instruments, in the case of frozen cash reserves referred to in “recommendation 7.2” referred to in UNSCR 2769 (2025); in accordance with the approval of the Sanctions Committee.’ ; (3) the following Article is inserted: ‘Article 11b 1. After notification by the Member State concerned to the Sanctions Committee and provided that the Sanctions Committee has approved the transfer of frozen funds or economic resources, and in accordance with paragraph 15 of UNSCR 2819 (2026), the competent authorities of that Member State shall authorise the transfer of certain frozen funds or economic resources belonging to the entity listed under entry number 1 in Annex VI, within the same jurisdiction, between the custodial bank, or financial institution acting as global custodian (or any sub-custodians acting on their behalf), to another custodial bank, or financial institution (or any sub-custodians acting on their behalf), for the purpose of transferring the role of global custodian to that custodial bank or financial institution, provided that: (a) throughout and upon completion of the transfer, the assets shall be treated as frozen and subject to measures imposed by this Regulation; (b) the transfer shall be executed in a manner maintaining the form and value of the funds or economic resources being transferred. 2. The notification referred to in paragraph 1 by the Member State concerned to the Sanctions Committee shall include the amount and nature of the frozen funds or economic resources to be transferred and the identity of the current and proposed custodial banks, or financial institutions acting in a custodial capacity. 3. The Member State concerned shall inform the other Member States and the Commission of any authorisation granted under paragraph 1, within two weeks of the authorisation.’. Article 2 This Regulation shall enter into force on the day following that of its publication in the Official Journal of the European Union . This Regulation shall be binding in its entirety and directly applicable in all Member States. Done at Luxembourg, 12 June 2026. For the Council The President M. KERAVNOS ( 1 ) OJ L, 2026/1334, 15.6.2026, ELI: http://data.europa.eu/eli/dec/2026/1334/oj . ( 2 ) Council Regulation (EU) 2016/44 of 18 January 2016 concerning restrictive measures in view of the situation in Libya and repealing Regulation (EU) No 204/2011 ( OJ L 12, 19.1.2016, p. 1 , ELI: http://data.europa.eu/eli/reg/2016/44/oj ). ( 3 ) Council Decision (CFSP) 2015/1333 of 31 July 2015 concerning restrictive measures in view of the situation in Libya, and repealing Decision 2011/137/CFSP ( OJ L 206, 1.8.2015, p. 34 , ELI: http://data.europa.eu/eli/dec/2015/1333/oj ). ELI: http://data.europa.eu/eli/reg/2026/1332/oj ISSN 1977-0677 (electronic edition) Top Table of contents Hide table of contents