The Security Council voted unanimously to lift the ban, but will review the decision in 90 days.
Sanctions will be reinstated if the country’s new government has not adopted forestry reforms by the time of the review.
The ban was originally imposed in 2001 to prevent government timber revenues being used to fuel the civil war.
New Liberian president Ellen Johnson Sirleaf had petitioned the UN to life the sanctions, which she said were hurting the country’s economy.
