US Tightens Financial Pressure on Myanmar Military Junta... Added to Blacklist Again

Two State-Owned Enterprises Sanctioned... "Significant Funding Through Natural Resources"

[Image source=AP Yonhap News]

[Asia Economy Reporter Cho Hyun-ui] The United States has imposed sanctions on two Myanmar state-owned enterprises. Following sanctions on large conglomerates owned by the Myanmar military, the U.S. is now pressuring state-owned companies, tightening the financial lifelines of the military junta that seized power through a coup.

On the 21st (local time), according to The New York Times, the U.S. Treasury Department announced that it had blacklisted the Myanmar government-owned timber company "Myanmar Timber Enterprise" and the pearl processing company "Myanmar Pearl Enterprise."

The Treasury Department plans to prohibit all transactions with these two companies and freeze related assets within the United States. Previously, the U.S. government had imposed sanctions on the Myanmar Economic Corporation (MEC) and Myanmar Economic Holdings Limited (MEHL), both owned by the Myanmar military, as well as on state-owned jewelry companies.

The Treasury Department's Office of Foreign Assets Control (OFAC) explained, "The Burma (former name of Myanmar) military obtains significant funding from state-owned enterprises in the natural resources market."

Secretary of State Antony Blinken issued a statement pointing out, "The Burma military government continues to ignore the will of the people who seek to restore democracy."

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