by Calculated Risk on 2/26/2011 08:06:00 PM

Earlier on U.S. economy: Summary for Week ending February 25th

UPDATE: from the WSJ: U.N. Imposes Sanctions on Gadhafi

The United Nations Security Council Saturday night unanimously imposed an arms embargo on Libya, referred its leaders to the International Criminal Court and slapped financial and trade sanctions on Col. Moammar Gadhafi and his inner circle in an effort to stop them from killing more Libyan civilians.

"Widespread and systematic attacks currently taking place in Libya against the civilian population may amount to crimes against humanity" and "those responsible for the attacks" must be held accountable, the resolution said.

• From the WaPo: Obama calls for Gaddafi to step down as leader of Libya

In a statement, the White House said Obama told Merkel that "when a leader's only means of staying in power is to use mass violence against his own people, he has lost the legitimacy to rule and needs to do what is right for his country by leaving now." Secretary of State Hillary Rodham Clinton issued a statement Saturday also demanding that Gaddafi step down.

• The Telegraph blog that is updated frequently: Libya protests: live

23.53 Our New York correspondent Jon swaine has been at the UN, where Libya's ambassador defected earlier today. Read his full report here.

23:42 The full UN Security Council is due to meet tomorrow at 4pm GMT (11am in NYC) to discuss possible sanctions against Gaddafi.

• From al Jazeera: Live Blog - Libya Feb 27

2:38am Al Jazeera understands the UN Security Council resolution will freeze the assets of six members of the Gaddafi family, including the Libyan leader - while 16 members of his administration will be slapped with a travel ban. Waiting on news of the vote...

• From the WSJ: Pro-Rebel Officers Vow Defense of Eastern Libya

• From the NY Times: Long Bread Lines and Barricades in Libya’s Capital