The United States on Thursday imposed sanctions on Myanmar's state gem company in an attempt to deprive the country's military rulers of a major source of income, the US Department of Treasury announced on Thursday
WASHINGTON (Pakistan Point News / Sputnik - 08th April, 2021) The United States on Thursday imposed sanctions on Myanmar's state gem company in an attempt to deprive the country's military rulers of a major source of income, the US Department of Treasury announced on Thursday.
"Today, the U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) designated Myanma Gems Enterprise (MGE), a Burmese state-owned entity that is responsible for all gemstone activities in Burma," the department said in a statement.
It described gemstones as a key economic resource "for the Burmese [Myanmar's] military regime that is violently repressing pro-democracy protests in the country and that is responsible for the ongoing lethal attacks against the people of Burma, including the killing of children."
"Today's action highlights Treasury's commitment to denying the Burmese military sources of funding, including from key state-owned enterprises throughout Burma," OFAC Director Andrea Gacki said.
As a result of today's action, all property and interests in property of the entity that are in the United States or in the possession or control of US persons are blocked and must be reported to OFAC. In addition, any entities that are owned, directly or indirectly, 50 percent or more by one or more blocked persons are also blocked.
"These sanctions are not directed at the people of Burma," the department said.
On February 1, Myanmar's military overthrew the civilian government and declared a year-long state of emergency. The coup triggered mass protests met by the deadly violence, resulting in hundreds of people having been killed since then.
