The United States is reimposing sanctions on the Myanmar military and has blacklisted two ministries and major military conglomerates for trade. “We will not allow the Burmese military to continue to have access to goods subject to export regulations,” the US Commerce Department said.
The two blacklisted companies – the Myanmar Economic Corporation and the Myanmar Economic Holding Company Limited – are among the largest military conglomerates, which, through holding companies and their subsidiaries, control large parts of Myanmar’s economy. Sanctions also apply to the country’s ministries of defense and interior. In addition, Myanmar is said to have restrictions on export control for “military end use”. The US State Department also wants to study further measures.
In addition, the US government is said to have blocked an attempt by the Myanmar military government to withdraw nearly $ 1 billion in deposits from the United States. And Reuters reported, citing people familiar with the operation.
First, the Fed’s security mechanisms halted the deal on behalf of the Myanmar Central Bank on February 4, she said. After that, US government officials had postponed approval to transfer funds from the property of the New York branch of the Federal Reserve Bank. During this time, President Joe Biden established the legal basis by decree to prevent indefinite transfers. There is no official data yet.
Responding to the violent suppression of peaceful protests
The Myanmar army carried out a coup on February 1 and justified this by rigging the elections. In the aftermath of the takeover, the military appointed a new head of the central bank.
Biden announced on February 10 that the United States was taking steps to prevent the military from “improper access” to the country’s government funds in the United States. US government officials did not provide any other information about the operation at the time.
The United States, the European Union and Great Britain imposed new sanctions after the coup. These measures are seen as a response to the violent suppression of peaceful protests against the takeover of power. Police continue to disperse demonstrations with tear gas and shooting in several cities across the country. The United Nations has stated that at least 54 protesters have been killed and more than 1,700 people arrested so far.