On Jul. 16, 2024, EU CNCL issued Dec (CFSP) 2024/1969 of Jul. 15, 2024 amending Dec (CFSP) 2021/1277 concerning restrictive measures in view of the situation in Lebanon.
Dec (CFSP) 2021/1277 applies until Jul. 31, 2024; on the basis of a review of that Decision, the restrictive measures set out should be renewed until Jul. 31, 2025.
On Jul. 30, EU CNCL adopted framework for targeted sanctions.
EU adopted framework for targeted restrictive measures to address Lebanon situation.
Framework
This framework provides for the possibility of imposing sanctions against persons and entities who are responsible for undermining democracy or the rule of law in Lebanon.
For obstructing or undermining democratic political process by persistently hampering formation of government or obstructing or seriously undermining holding of elections.
Obstructing/undermining implementation of plans to improve accountability and good governance in public sector or the implementation of critical economic reforms.
Including in the banking and financial sectors and legislation on the export of capital.
Serious financial misconduct, concerning public funds, insofar as the acts concerned are covered by UN Convention Against Corruption, and unauthorized export of capital.
Sanctions consist of a travel ban to EU and an asset freeze for persons and entities.
EU persons and entities are forbidden from making funds available to those listed.
US Welcomes EU Sanctions Regime
On same day, US issued joint statement by Secretary of State Antony J. Blinken and Treasury Secretary Janet L. Yellen welcoming the EU sanctions regime on Lebanon.
Critical Lebanese leaders heed people’s repeated calls for end to widespread corruption and government inaction and form a government that can initiate critical reforms.
Sanctions are intended, among other things, to compel changes in behavior, promote accountability for corrupt actors and leaders who have engaged in malign behavior.
Both entered into force on the day following publication in OJ, e.g. Aug. 3, 2021.
Decision shall apply until 31 July 2022 and shall be kept under constant review.
Jul. 2022 Extended Framework
On Jul. 26, 2022, EU CNCL adopted a decision extending the framework for targeted sanctions to address the situation in Lebanon; extended for 1 year, until Jul. 31, 2023.
Decision shall enter into force on the day following publication in the Official Journal of the European Union, on Jul. 22, 2023; based on a review of Dec (CFSP) 2021/1277, the restrictive measures set out therein are renewed until Jul. 31, 2024.
Jul. 2024 Extended Framework
On Jul. 16, 2024, EU CNCL issued Dec (CFSP) 2024/1969 of Jul. 15, 2024 amending Dec (CFSP) 2021/1277 concerning restrictive measures in view of the situation in Lebanon.
Dec (CFSP) 2021/1277 applies until Jul. 31, 2024; on the basis of a review of that Decision, the restrictive measures set out should be renewed until Jul. 31, 2025.
Regulators
EU CNCL; US State Dept; US Treasury
Entity Types
B/D; Bank; BS; Ins; Inv Co; MSB
Reference
OJ L, 7/16/2024; Dec (CFSP) 2024/1969, 7/15/2024; OJ L 184/45, 7/21/2023; PR, Dec (CFSP) 2023/1519, 7/20/2023; OJ L198/18, 7/27/2022; Dec (CFSP) 2021/1277, PR 7/26/2022; OJ LI 277/1, LI 277/16, 8/2/2021; PR, Dec (CFSP) 2021/1277, Reg 2021/1275, 7/30/2021; Citation: Dec (CFSP) 2023/1519; Dec (CFSP) 2021/1277; Dec (CFSP) 2024/1969;
