US imposes new Myanmar sanctions on two state-owned businesses

In this file photo taken on Sept 14, 2016, a cargo truck transports logs in Yangon. The US Treasury placed Myanmar state-owned timber and pearl businesses on its sanctions blacklist on April 21, 2021. - AFP

WASHINGTON (Reuters): The United States imposed sanctions on two more state-owned enterprises in Myanmar on Wednesday (April 21) in the latest in a series of punitive actions following the country's military coup, and said it would take further action.

The US Treasury Department in a statement said it imposed sanctions on Myanma Timber Enterprise (MTE) and Myanmar Pearl Enterprise (MPE), adding that the pearl and timber industries are economic resources for the Myanmar military.