June 20, 2021

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The U.S. blacklisted state-owned timber and pearl companies in Myanmar

U.S. sanctions companies in Myanmar

U.S. Secretary of State Blinken said that the U.S. sanctions on Myanmar have strengthened the message to the military and said that the U.S. continues to support the Myanmar people’s efforts to reject this coup. (Reuters)

The U.S. Treasury Department on Wednesday (April 21) included Myanmar’s state-owned timber and pearl companies on the sanctions blacklist, saying that these companies were used to generate revenue for the military regime.

Agence France-Presse reported that the US Treasury Department imposed sanctions on Myanmar Timber Enterprise and Myanmar Pearl Enterprise, which are responsible for the export of timber and pearls.

The sanctions are aimed at restricting American individuals and companies, including banks that own American weapons, from doing business with these two companies, thereby restricting these companies’ access to the global trading and financial system. The sanctions also freeze any property held by the two companies under US jurisdiction. Washington hopes to use this move to put pressure on the Myanmar military.

According to the Myanmar Monitoring Organization, since the start of the demonstrations in the country, at least 738 people have been killed and 3,300 people have been held in prisons as political prisoners.

US Secretary of State Blinken said: “Our actions today reinforce our message to the military that the United States will continue to target specific funding channels and promote accountability for coups and related violence.”

“We will continue to support the efforts of the Burmese people to reject this coup, and we also call on the military regime to stop violence and release all those who have been unjustly detained, so as to restore the road to democracy in Myanmar.”

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