The US has slapped sanctions on 14 companies controlled by Libya's state oil company. The move has cut off a key source of funds for the Muammar Gaddafi's regime. Director of the Treasury Department's Office of Foreign Assets Control (OFAC), Adam J Szubin said, the Libyan National Oil Corporation has been a primary funding source for the Gaddafi regime. He said, Consistent with UN Security Council Resolution 1973, all governments should block the National Oil Corporation's assets and ensure that Qadhafi cannot use this network of companies to support his activities.The National Oil Corporation is the centerpiece of Libya's state-owned oil apparatus, and controls a network of companies involved in oil exploration, production, and sale.The 14 units include oil exploration, distribution, trading, refining, and oilfield services businesses.