US sanctions Myanmar Defence Ministry; two state-owned banks also get same treatment

  • Myanmar
  • Saturday, 24 Jun 2023

YANGON/WASHINGTON, June 24 (Bloomberg): The US imposed fresh sanctions on Myanmar’s defense ministry and two state-owned banks that it said facilitate transactions between the junta and overseas markets, including for weapons and military equipment from Russia.

The new restrictions, announced by the Treasury Department’s Office of Foreign Assets Control on Wednesday, block all US-related transactions with the ministry, as well as with Myanma Foreign Trade Bank and Myanma Investment and Commercial Bank.

The new sanctions are the latest in a series of actions against the generals that overthrew the civilian government led by Aung San Suu Kyi in 2021.

In a statement, Treasury said Myanmar has relied on foreign sources, including from Russia "to purchase and import arms, dual-use goods, equipment, and raw materials to manufacture weapons.”

The military government, led by Min Aung Hlaing, has been struggling to stabilize an economy that contracted 18% last year and is now facing soaring inflation, a weakening currency and shrinking foreign-currency reserves.

Major General Zaw Min Tun, the junta’s top spokesman, said the US is pushing Myanmar toward an economic and political crisis, and that the new sanctions won’t hurt the economy because international banking services are also provided by local private banks and branches of foreign banks.

The US previously imposed sanctions on the two banks in 2003 when former military regime led by Than Shwe ruled Myanmar, but lifted them in 2016 during the civilian government’s term. - Bloomberg

Subscribe now to our Premium Plan for an ad-free and unlimited reading experience!

Next In Aseanplus News

Asean news headlines as at 9pm on Thursday (Nov 30)
COP28 kicks off with climate disaster fund victory
Teen, 17, prostituted two underage girls on Telegram chat group
Chinese-invested hydropower plant to boost clean energy in Cambodia
Those who don't perform will be relocated to new capital, warns acting Jakarta governor
Laos' National Convention Centre prepares for 2024 Asean summit
Sexual predators prowling Philippine schools as group is in disbelief over low number of cases
M-Girls members pay tribute to Malaysian singer Queenzy Cheng after her sudden passing
Cordlife Group found to have damaged cord blood units of at least 2,150 customers
Bursa Malaysia proposes LR amendments to boost fund-raising transparency

Others Also Read