UN Warns Libya Faces Economic Collapse Amid Central Bank Crisis 

A view of the Central Bank of Libya in Tripoli, Libya, August 26, 2024. (Reuters)
A view of the Central Bank of Libya in Tripoli, Libya, August 26, 2024. (Reuters)
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UN Warns Libya Faces Economic Collapse Amid Central Bank Crisis 

A view of the Central Bank of Libya in Tripoli, Libya, August 26, 2024. (Reuters)
A view of the Central Bank of Libya in Tripoli, Libya, August 26, 2024. (Reuters)

The United Nations Support Mission in Libya (UNSMIL) issued a statement late on Monday expressing deep concern "over the deteriorating situation in Libya resulting from unilateral decisions."

Disputes over control of Libya's Central Bank have raised alarms about the potential misuse of the country's financial resources.

"UNSMIL is convening an emergency meeting for all parties involved in the Central Bank of Libya crisis in order to reach a consensus based on political agreements, applicable laws, and the principle of the central bank's independence," the statement said.

The UN mission has called for the suspension of unilateral decisions, the lifting of force majeure on oil fields, the halting of escalations and use of force, and the protection of Central Bank employees.

Libya's economy is heavily reliant on oil revenue, and there have been moves to impose force majeure on oil fields, effectively cutting off the country's primary source of income.

Earlier on Monday, Libya's eastern-based administration ordered the closure of oilfields in eastern Libya, which account for almost all the country's production, halting both production and exports after tensions flared over the Central Bank's leadership.

There has been no confirmation of these actions from the Government of National Unity (GNU) in Tripoli or from the National Oil Corp (NOC), which controls the country's oil resources.



Yemen Warns of Environmental Disaster as Oil Tanker Faces Explosion

Sounion oil tanker (Reuters)
Sounion oil tanker (Reuters)
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Yemen Warns of Environmental Disaster as Oil Tanker Faces Explosion

Sounion oil tanker (Reuters)
Sounion oil tanker (Reuters)

The Yemeni government has issued a warning about a looming environmental disaster in the Red Sea, where the Greek oil tanker “Sounion” is at risk of exploding or sinking due to ongoing fires.
The fires started after the Iranian-backed Houthi militants attacked the tanker last Wednesday, as part of their escalating maritime assaults, claiming to support Palestinians in Gaza.
The warning coincides with reports from the European maritime mission (ASPIDES), which noted that the fires on the tanker, carrying around one million barrels of oil, are still burning in an area between Yemen and Eritrea in the southern Red Sea.
ASPIDES announced on Monday via platform X that fires have been burning on the “Sounion” tanker since last Friday, with no signs of an oil spill yet.
The mission also shared images on Sunday showing flames and thick smoke rising from at least five spots on the ship’s deck, including part of its upper structure.
The tanker was attacked by Houthi militants on August 21, causing its engines to fail and leaving it adrift. A French warship from ASPIDES evacuated the 29 crew members, mostly Filipinos, to Djibouti.
Houthi-released footage shows the group boarding the tanker, placing explosives near the tank openings, and detonating them remotely, which ignited the fires. There are concerns that the tanker could sink or explode, leading to a major oil spill.
Yemeni Information Minister Muammar Al-Eryani warned of the looming environmental disaster after revealing that the attack on Sounion was the ninth such strike on oil tankers in the Red Sea since last November.
The tanker is carrying 150,000 tons of crude oil.
Al-Eryani said the Houthi attacks caused the tanker to drift, disabled its engines, and led to the evacuation of its crew, leaving the vessel at risk of sinking or exploding just 85 nautical miles from Yeman’s Hodeidah port city.
He accused Houthis of “systematic terrorism” that could trigger an unprecedented environmental, economic, and humanitarian crisis.