U.S. Seeking $1.5 Billion In Gadhafi’s Assets For Libya Transition

In an attempt to help the Libyan transition, the U.S. is urging the United Nations Security Committee to release $1.5 billion from embattled Libyan leader Moammar Gaddafi’s frozen assets.

“There are no shortages of challenges. The humanitarian situation continues to be dire; we must accelerate our help, including our efforts to unfreeze assets and make them available to the Libyan people, to whom they truly belong,” Deputy Secretary of State William Burns said Thursday during a meeting with the Libyan Contact Group. “The release of 1.5 billion in frozen Libyan funds … will be an important step in meeting the most immediate needs of the Libyan people.”

The effort has met some resistance. Previous attempts to authorize the assets’ release via the UN’s Sanctions Committee were stalled after South Africa expressed reservations over funding the rebel government.

According to the language of the U.S. request, none of the sought funds can be used for military activity.

A vote on the request is expected to occur Thursday or Friday.