The European Union announced Friday that it is in the process of imposing sanctions targeting Lebanese leaders responsible for the political disruption in the country, in an effort to speed up the formation of the government and put structural reforms on track, which would get the country out its current impasse.

At their last meeting on July 12, the EU foreign ministers demanded a legal framework for sanctions, which was approved on Friday, according to a statement issued by the EU.

The legal framework provides for "the possibility of imposing sanctions on persons and entities responsible for violating democracy or the rule of law in Lebanon."

The list of persons and entities to be subject to sanctions must be unanimously approved by the 27 EU members. Foreign ministers hold their next meeting on September 21.

The approval of the legal framework for the sanctions came days after Lebanese President Michel Aoun assigned billionaire Najib Mikati to form a new government, in the midst of a deep political division and an accelerating economic and financial collapse.

Mikati pledged Tuesday, the day after he was assigned to form the government "as soon as possible," stressing at the same time, "I do not have a magic wand alone, and I cannot perform miracles, as we are in a difficult situation."

According to the EU statement, the sanctions will target those who obstruct the government formation process. They include a travel ban to European Union countries and a freeze on the assets of individuals and entities. Under it, individuals and entities in the European Union are prohibited from making funds available to those on the sanctions list.

The EU reserves the right to sanction those responsible for “undermining the implementation of plans endorsed by the Lebanese authorities and supported by relevant international actors, including the EU, with the aim of improving accountability and good governance in the public sector or implementing fundamental economic reforms.”

The statement mentions the banking and financial sector and the “adopting of transparent and non-discriminatory legislation on the transfer of funds,” abroad.

The European move came hours after the French Foreign Ministry spokeswoman, Agnes von der Muhll, announced during an online press conference that her country was "ready to increase pressure with its European and international partners on Lebanese political officials" to speed up the formation of the government.

She stressed that "the formation of a government quickly, working to its full potential and able to launch the reforms required by the situation and a condition for any structural assistance, remains the priority."

Since the horrific explosion of the Port of Beirut on August 4, 2020, which killed more than 200 people and injured more than 6,500, France has been leading international pressure on the political class to form a government that the international community requires that it include specialists and accept radical reforms in exchange for financial support.

Mikati, 65, is the third person assigned to form a government after the resignation of Hassan Diab's government following the port explosion. It is the responsibility of the next government to reach an agreement with the International Monetary Fund as a first step to get Lebanon out of the economic crisis that the World Bank has ranked among the worst in the world since the middle of the last century.

Wednesday, Paris will organize an international support conference with the aim of "meeting the needs of the Lebanese, whose situation is deteriorating every day," within the framework of humanitarian aid provided by the international community directly to the Lebanese people.