20110325
presstv
The European Union (EU) has announced its readiness to prevent Libyan ruler's access to oil and gas reserves as military strikes on the oil-rich country continue.

"The European Union stands ready to initiate and adopt further sanctions, including measures to ensure that oil and gas revenues do not reach Muammar Gaddafi's regime," an EU statement issued on Thursday said.

EU has also announced that it will bring up the proposal at the UN Security Council.

The 27-member EU had previously placed an arms embargo and travel ban to the European bloc against Gaddafi and his cronies, as well as restrictions on LIA, a Libyan company that uses Tripoli's oil and gas revenues to invest overseas, especially in Italy.

The EU has already frozen the assets of Gaddafi, his family and the government, and banned the sale of goods such as tear gas and anti-riot equipment that can be used against opposition protesters.

Amid increasing disagreements to the Libyan war, US-led air strikes have continued on Libya, killing civilians, aggravating the humanitarian situation caused by the carnage at the hands of Gaddafi loyalists.

Meanwhile, NATO secretary general says the 28-member coalition has agreed to take control of enforcing a no-fly zone over Libya, while the US remains in charge of military operations.

The development comes as Russia has reportedly stated that a ground strike by the US and its European allies in Libya is likely, warning against the surge in civilian deaths.

Experts say the ultimate motive behind the attack is to control the vast oil reserves in the North African country.