Article 2 · Council Regulation (EU) 2021/1275

Contents

Article 2 #

1.All funds and economic resources belonging to, owned, held or controlled by any natural or legal person, entity or body listed in Annex I shall be frozen.

2.No funds or economic resources shall be made available, directly or indirectly, to or for the benefit of natural or legal persons, entities or bodies listed in Annex I.

3.Annex I shall include the names, as identified by the Council in accordance with Article 4 of Decision (CFSP) 2021/1277, of:

(a)natural persons responsible for undermining democracy or the rule of law in Lebanon through any of the following actions:

(i)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;

(ii)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 to implement 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;

(iii)serious financial misconduct concerning public funds, insofar as the acts concerned are covered by the United Nations Convention Against Corruption and the unauthorised export of capital.

(b)natural or legal persons, entities or bodies associated with persons designated under point (a).

Defined terms · 9

Show every defined term

claim
means any claim, whether asserted by legal proceedings or not, made before or after the date of entry into force of this Regulation, under or in connection with a contract or transaction, and in particular:
competent authorities
means the competent authorities of the Member States as identified on the websites listed in Annex II;
contract
includes a bond, guarantee or indemnity, particularly a financial guarantee or financial indemnity, and credit, whether legally independent or not, as well as any related provision arising under, or in connection with, the transaction;
contract or transaction
means any transaction of whatever form and whatever the applicable law, whether comprising one or more contracts or similar obligations made between the same or different parties;
economic resources
means assets of every kind, whether tangible or intangible, movable or immovable, which are not funds, but may be used to obtain funds, goods or services;
freezing of economic resources
means preventing the use of economic resources to obtain funds, goods or services in any way, including, but not limited to, by selling, hiring or mortgaging them;
freezing of funds
means preventing any move, transfer, alteration, use of, access to, or dealing with funds in any way that would result in any change in their volume, amount, location, ownership, possession, character, destination or other change that would enable the funds to be used, including portfolio management;
funds
means financial assets and benefit of every kind, including, but not limited to:
territory of the Union
means the territories of the Member States to which the Treaty is applicable, under the conditions laid down in the Treaty, including their airspace.

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Article 2 #