Gaddafi demands immediate lifting of sanctions, losses $25 billion

Libyan President Muammar Gaddafi on Monday called on the UN Security Council to "lift sanctions" imposed on Libya immediately, after the International Court for Justice said it will decide on the Lockerbie case. Gaddafi also asked for compensation of US $25 billion for losses inflicted on Libya as a result of the embargo.

Gaddafi viewed these sanctions, imposed on Libya in 1992 as "null and void " and called for compensation for financial losses. In a speech he made in the Libyan coastal city of Serrt, Gaddafi said, "The UN Security Council has to promptly lift the sanctions or at least suspend them until the two convicted Libyans appear before the international court."

"It is not our concern if the two Libyans are found out guilty or not," he added.

Following the ruling by the International Court of Justice, Libya's ambassador at the UN, Abu Zeid Omar Darra, estimated losses resulting from the UN sanctions at US $25 billion.