Get 40% Off
🤯 Perficient is up a mind-blowing 53%. Our ProPicks AI saw the buying opportunity in March.Read full update

Sanctions imposed against Myanmar’s generals since they seized power

Published 23/03/2021, 05:47 am

(Adds new EU and U.S. sanctions on Monday; clarifies number of military officials sanctioned by the U.S. in February)

By Simon Lewis

March 22 (Reuters) - Leaders from Washington to Singapore have condemned the military coup in Myanmar, urging generals to halt a crackdown on demonstrators, release detainees including civilian leader Aung San Suu Kyi, and restore the elected government.

Some countries have followed up with targeted financial sanctions in hopes of putting the squeeze on the generals who staged the Feb. 1 coup and convince them to change course.

Here is a snapshot of actions around the globe.

UNITED STATES

President Joe Biden issued an executive order on Feb. 11 paving the way for new sanctions against the Myanmar military and its interests. The order froze about $1 billion in reserves Myanmar's central bank was holding at the New York Fed, which the junta had attempted to withdraw after seizing power. generals, including Commander in Chief Min Aung Hlaing, were already under U.S. human rights sanctions over their role in a campaign against the Rohingya Muslim minority that sparked a refugee crisis in 2017.

U.S. Treasury sanctions last month targeted 12 Myanmar officers involved in the coup, along with some military companies involved in the gemstone industry, freezing any U.S. assets they hold and barring Americans from dealing with them. Min Aung Hlaing's children and companies they control were later hit with the same sanctions. Monday, the Treasury added Myanmar's police chief and a military commander to the sanctions, along with two military units it said were involved in repressing demonstrations.

3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads .

Four military-controlled ministries and conglomerates were placed under sanctions by the U.S. Commerce Department on March 4. Those measures require U.S. suppliers to seek difficult-to-obtain licences to export goods to the ministries of defence and home affairs, and to military conglomerates Myanmar Economic Holdings Limited (MEHL) and Myanmar Economic Corporation (MEC). UNION

EU foreign ministers adopted travel bans and asset freezes against 11 individuals linked to the coup on Monday. the individuals affected are Min Aung Hlaing and Myint Swe, who has been acting president since the coup.

EU diplomats have told Reuters the bloc is likely to toughen its response soon by barring EU investors and banks from doing business with parts of MEHL and MEC, which generate revenue for the military.

The bloc has an arms embargo on Myanmar and has targeted some senior military officials since 2018.

UNITED NATIONS

Action against the junta by the United Nations has been stifled by Russia and China, who hold vetoes over the Security Council votes needed to impose U.N. sanctions or arms embargoes.

The two countries shielded Myanmar from any strong council action over the 2017 Rohingya crisis and argue that Myanmar's political situation is an internal matter.

The 15-member Security Council has issued two statements expressing concern and condemning violence against protesters, but dropped language condemning the army takeover as a coup and threatening possible further action due to opposition by China, Russia, India and Vietnam.

Negotiations on the statements - issued in February and March - signalled that the council could struggle to do much more on Myanmar.

3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads .

OTHER NATIONS

New Zealand announced a week after the coup that it was suspending high-level contacts with Myanmar and imposing a travel ban on military leaders.

Britain and Canada imposed their own sanctions on Feb. 13. Britain said it would impose asset freezes and travel bans on three generals while Canada blacklisted nine military officials. Britain has also taken measures to prevent British aid indirectly helping the junta. on March 7 said it was suspending its limited cooperation with the Myanmar military and would redirect aid bound for the government to aid groups.

Aside from sanctions, some overseas firms and investors who had business links with Myanmar's military, like Japan's Kirin Holdings Co 2503.T , have cut those ties.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.