A Libyan security member walks by an oil drill. Photo: Abdullah Doma / AFP / Getty Images

The U.S. Treasury Department has doled out new sanctions — targeting 6 people, 24 companies, and 7 vessels, including people from Libya, Malta, Italy, and Egypt — in order to prevent oil smuggling to Europe, which Treasury says adds to the instability in Libya.

Context: Libya’s oil production accounts for 95% of the country’s export earnings. But the country has been embroiled in conflict since Gaddafi was overthrown in 2011, leading to disruptions to oil infrastructure and production. BMI Research has warned that disruptions to oil infrastructure are likely to continue in advance of the country’s elections slated for later this year, according to Oil Price.

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Dion Rabouin, author of Markets
23 mins ago - Economy & Business

Investors have nowhere to hide

Photo: Jeenah Moon/Getty Images

The massive losses in oil prices and U.S. and European equities were not countered by gains in traditional safe-haven assets on Wednesday.

Why it matters: The unusual movement in typical hedging tools like bonds, precious metals and currencies means they are not providing investors an asset that will appreciate in the event of a major equity selloff.

Kendall Baker, author of Sports
28 mins ago - Sports

A look inside sports owners' political donations

Data: ESPN/FiveThirtyEight; Chart: Axios Visuals

Sports team owners in the four largest North American leagues (NFL, NBA, MLB, NHL) have donated over $46 million in federal elections since 2015, according to research conducted by ESPN and FiveThirtyEight.

By the numbers: Over the past three elections, $35.7 million of that money (77.4%) has gone to Republican campaigns and super PACs, compared to $10.4 million (22.6%) to Democrats.

Updated 2 hours ago - Politics & Policy

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Illustration: Sarah Grillo/Axios

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