20.5.2006 Official Journal of the European Union L 134/1 | (Acts whose publication is obligatory) COUNCIL REGULATION (EC) No 765/2006 of 18 May 2006 concerning restrictive measures against President Lukashenko and certain officials of Belarus THE COUNCIL OF THE EUROPEAN UNION, Having regard to the Treaty establishing the European Community, and in particular Articles 60 and 301 thereof, Having regard to Common Position 2006/362/CESP of 18 May 2006 amending Common Position 2006/276/CESP concerning restrictive measures against certain officials of Belarus (1), Having regard to the proposal from the Commission, Whereas: On 24 March 2006, the European Council deplored the failure of the Belarus authorities to meet OSCE commitments to democratic elections, considered that the Presidential elections of 19 March 2006 were funda- mentally flawed and condemned the action of the Belarus authorities of that day in arresting peaceful demon- strators exercising their legitimate right of free assembly to protest at the conduct of the Presidential elections. The European Council therefore decided that restrictive measures should be applied against those responsible for the violation of international electoral standards. On 10 April 2006, the Council decided to adopt restrictive measures against President Lukashenko, the Belarusian leadership and officials responsible for the violations of international electoral standards and inter- national human rights law, as well as for the crackdown on civil society and democratic opposition. These indi- viduals should be subjected to a visa ban and possible further targeted measures. Common Position 2006/362/CFSP provides that the funds and economic resources of President Lukashenko and certain officials of Belarus that have been identified for this purpose should be frozen. (1) See page 45 of this Official Journal. (4)  These measures fall within the scope of the Treaty and, therefore, notably with a view to ensuring their uniform application by economic operators in all Member States, Community legislation is necessary to implement them as far as the Community is concerned. For the purposes of this Regulation, the territory of the Community should be deemed to encompass the territories of the Member States to which the Treaty is applicable, under the conditions laid down in the Treaty. (5)  Member States should determine the rules on penalties applicable to infringements of the provisions of this Regulation. The penalties provided for should be propor- tionate, effective and dissuasive. (6)  In order to ensure that the measures provided for in this Regulation are effective, this Regulation should enter into force immediately, HAS ADOPTED THIS REGULATION: Article 1 For the purpose of this Regulation, the following definitions shall apply: 1. ‘funds’ means financial assets and benefits of every kind, including but not limited to: (a) cash, cheques, claims on money, drafts, money orders and other payment instruments; (b) deposits with financial institutions or other entities, balances on accounts, debts and debt obligations;