US to sanction two of Myanmar’s state-owned banks

US to sanction two of Myanmar’s state-owned banks

The US government is increasing pressure on the Myanmar military regime with additional sanctions on two state-owned banks, which will take effect on June 20th, according to a diplomatic source.

The source said that the banks are the Myanmar Foreign Trade Bank and the Myanmar Investment and Commercial Bank. The new sanctions are aimed at limiting the financial access of the junta, so as to reduce its capacity to oppress its own people and wage war inside the country.

Myanmar is a resource-rich country with strong trade relationships with neighbouring countries and overseas. Western countries have been trying to cut the income and foreign currency revenues of Naypyidaw, earned from its exports of oil and natural resources.

The US government has imposed numerous sanctions on Myanmar and key figures, in cooperation with other Western countries. Dozens of Myanmar’s military officials and their associates have been placed under sanction, the latest being Tun Min Latt and his spouse Win Min Soe, as well as three entities owned or controlled by Tun Min Latt, which specialise in jet fuel.

Under US law, as a result of the said sanctions, all transactions of these two banks relating to business with the US are blocked.

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