New sanctions against companies linked to Myanmar military regime
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New sanctions have been imposed on companies linked to Myanmar’s military regime as the Foreign Secretary said the junta “continued its subversion of democracy and brutal killing of civilians”.
Dominic Raab announced that the Myanmar Timber Enterprise, Myanmar Pearl Enterprise and the State Administration Council would be subject to the sixth round of sanctions, which aim to restrict the military junta’s ability to profit from key sources of revenue for the regime.
Trade promotion in Myanmar is already suspended by the UK, and advice to British businesses would be strengthened, the Foreign, Commonwealth and Development Office said.
The UK Government said that following the military coup in the country in February, the State Administration Council (SAC) – the junta’s ruling body – “continued to undermine democracy and brutally suppress Myanmar’s civilians”.
Foreign Secretary Mr Raab said: “Alongside our allies, we are placing sanctions on companies linked to Myanmar’s military junta, targeting the finances of this illegitimate regime.
“The military has continued its subversion of democracy and brutal killing of civilians. We will continue to hold the Junta to account and sanction those responsible until democracy is restored.”
The Myanmar Timber Enterprise and Myanmar Pearl Enterprise are both lucrative state-owned entities in Myanmar’s extractive sector and will be subject to asset freezes.
The Foreign Secretary also announced the conclusion of the UK’s Myanmar trade review.
In a written ministerial statement in Parliament, he confirmed that the UK will maintain its suspension on trade promotion.
