Here is why the EU should sanction Lebanon’s bankers

The banking sector is responsible for the current crisis in Lebanon. Sanctioning its leaders can help effect a solution.

One year has passed since the Beirut Port explosion of August 4, 2020. As summer temperatures are hitting record highs, so is the political temperature in Lebanon. The families of explosion victims have endured 12 months of lack of accountability and blatant interference in the judicial process. Public anger is simmering and threatening to boil over into another wave of unrest. As the painful anniversary was drawing nearer, the European Union announced a framework that “provides for the possibility of imposing sanctions against persons and entities who are responsible for undermining democracy or the rule of law in Lebanon”. The long-anticipated move is effectively a warning shot aimed at pressuring Lebanon’s intransigent elites into undertaking reforms. Those same elites who presided over the explosion have shirked responsibility for Lebanon’s spiralling economic crisis – assessed by the World Bank as among the worst ever recorded. Political leaders have prioritised partisan squabbles over rebuilding the country, failing to replace the government that resigned after the explosion.