At the beginning of the civil war, the UN Security Council froze an estimated $150 billion in foreign Libyan assets.

Russia proposes to repay the money out of frozen Libyan foreign financial assets when they are released, diplomats said.

In late August 2011, France unblocked 20 percent of frozen Libyan assets held in the country.

The Danish government considered imposing a freeze on Libyan assets in Denmark.

On 25 August, the UN sanctions committee released $500 million of frozen Libyan assets following a direct request by the US.

Libyan assets have been frozen abroad and diplomatic representation has been limited.

The step will also release Libyan assets that had been frozen in a number of countries.

"After going around the table, it's about $15bn of Libyan assets in our countries that are immediately unfrozen," he said.

- Britain is prepared to hand over £12bn of Libyan assets to the new regime, including up to £1bn in bank notes.

The stricter sanctions could include a limit on diplomatic representation, a ban on oil sales and and a freeze on Libyan assets in foreign banks.