According to the statement, the 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 through any of the following actions:

— Obstructing or undermining the democratic political process by persistently hampering the formation of a government or by obstructing or seriously undermining the holding of elections

— Obstructing or undermining the implementation of plans approved by Lebanese authorities and supported by relevant international actors, including the EU, to improve accountability and good governance in the public sector or the implementation of critical economic reforms, including in the banking and financial sectors and including the adoption of transparent and non-discriminatory legislation on the export of capital

— Serious financial misconduct, concerning public funds, insofar as the acts concerned are covered by the United Nations Convention Against Corruption, and the unauthorized export of capital

“Sanctions consist of a travel ban to the EU and an asset freeze for persons, and an asset freeze for entities. In addition, EU persons and entities are forbidden from making funds available to those listed,” the statement read.

The United States has welcomed the EU’s adoption of a new sanctions regime to promote accountability and reform in Lebanon.

"As an increasing number of Lebanese suffer from the country’s worsening economic crisis, it is critical that Lebanese leaders heed their people’s repeated calls for an end to widespread corruption and government inaction and form a government that can initiate the reforms critical to address the country’s dire situation," US Secretary of State Antony Blinken and Treasury Secretary Janet Yellen said in a joint statement on Friday.

"Sanctions are intended, among other things, to compel changes in behavior, and promote accountability for corrupt actors and leaders who have engaged in malign behavior. We welcome the EU’s use of this powerful tool to promote accountability on a global scale. The United States looks forward to future cooperation with the EU in our shared efforts," the statement aded.

On Dec. 7, 2020, the EU adopted conclusions in which it noted with increasing concern that the grave financial, economic, social and political crisis that has taken root in Lebanon had continued to worsen over the previous months and that the Lebanese population was the first to suffer from the increasing difficulties in the country.

It underlined the urgent need for the Lebanese authorities to implement reforms in order to rebuild the confidence of the international community. The EU also called on all Lebanese stakeholders and political forces to support the urgent formation of a mission-driven, credible and accountable government in Lebanon, able to implement the necessary reforms.

The EU has repeatedly expressed grave concern about the deteriorating situation in Lebanon. Despite repeated calls on Lebanese political forces and stakeholders to act in the national interest and to no longer delay the formation of a fully empowered government capable of meeting the country’s urgent needs and implementing critical reforms, there is no progress. Meanwhile, the economic, social and humanitarian situation in Lebanon continues to deteriorate and the people continue to suffer.