(CNN) -- The United Nations Security Council on Friday lifted sanctions on the Central Bank of Libya and the Libyan Foreign Bank, moves that were warmly received by the United States and Britain. "This will allow the United States and other countries to unfreeze billions of dollars to help Libyans build their new democracy," U.S. Ambassador Susan Rice said. The sanctions had been imposed early this year by U.N. Security Council resolutions 1970 and 1973 in an attempt to halt the killing of unarmed demonstrators by forces loyal to longtime leader Moammar Gadhafi. "Now, as Libyans develop their new state, these sanctions can be ended responsibly," Rice said.
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The Security Council action will unfreeze billions of dollars, Rice says
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The sanctions were imposed early this year
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Money will "help Libyans build their new democracy," Rice says
Britain is working to pass the regulation needed to release about $10.1 billion in frozen @placeholder assets, he said.