US targets Myanmar’s state oil and gas enterprise with form of sanctions

The action, first reported by Reuters, will prohibit certain financial services by Americans to the state oil and gas enterprise starting on Dec. 15 in the first direct action against the state-owned enterprise. Washington has previously targeted its leadership.

Financial services includes loans, accounts, insurance, investments and other services, according to guidance seen by Reuters. Washington will also slap sanctions on three entities and five people the U.S. Treasury Department said were connected to Myanmar’s military, according to the statement.

The move “seeks to degrade the regime’s ability to purchase weapons to carry out atrocities against the people,” according to the statement. Myanmar has been in crisis since the military launched a coup in 2021 and embarked on a deadly crackdown that gave rise to a nationwide resistance movement that won the backing of several ethnic minority armies. headtopics.com

Rights groups and United Nations experts have accused the military of committing atrocities against civilians in its efforts to crush the resistance. The junta says it is fighting “terrorists” and has ignored international calls to cease hostilities.against State-owned Myanmar Foreign Trade Bank (MFTB) and Myanma Investment and Commercial Bank (MICB), which allowed the junta to use foreign currency to buy jet fuel, parts for small arms production, and other supplies.

Washington will also impose sanctions on three entities it said have assisted the junta in importing arms, dual-use goods and other materials, including from Russian entities under U.S. sanctions, according to the statement. headtopics.com

Sky Royal Hero Company Limited, a Myanmar entity that the Treasury said contracted repair work from sanctioned Russian entities and has a relationship with a Myanmar defense procurement company already subject to U.S. measures, was among those targeted.

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In Myanmar, a Facebook post deemed inflammatory led to an ex-minister’s arrestA former high-profile Myanmar army officer who had served as information minister and presidential spokesperson in a previous military-backed government has been arrested and charged with spreading false or inflammatory news. Read more ⮕

In Myanmar, a Facebook post deemed inflammatory led to an ex-minister’s arrestA former high-profile Myanmar army officer who had served as information minister and presidential spokesperson in a previous military-backed government has been arrested and charged with spreading false or inflammatory news. Read more ⮕

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