The US government has imposed sanctions on the ministry of defense of Myanmar and on two official foreign currency trading bodies in the country, the Department of the Treasury announced in a press release on Wednesday
WASHINGTON (Pakistan Point News / Sputnik - 21st June, 2023) The US government has imposed sanctions on the ministry of defense of Myanmar and on two official foreign currency trading bodies in the country, the Department of the Treasury announced in a press release on Wednesday.
"Today, the US Department of the Treasury's Office of Foreign Assets Control (OFAC) designated Burma's (Myanmar's) Ministry of Defense and two regime-controlled financial institutions that facilitate much of the foreign currency exchange within Burma and enable transactions between the military regime and foreign markets, including for the purchase and import of arms and related materiel," the release said.
Since the Myanmar army reimposed military rule in a coup in 2021, the ministry of defense has continued to import goods and materiel worth at least $1 billion, including from sanctioned entities in Russia, the release said.
"These imports have both provided revenue to Russia and provided access to military equipment that has facilitated the ongoing brutality inflicted on the people of Burma by the military," the release said.
Myanmar Foreign Trade Bank (MFTB) and Myanmar Investment and Commercial Bank (MICB) are state-owned financial institutions in the country that primarily function as foreign currency exchanges, the release added.
The MFTB and MICB enable the conversion of the national currency, the kyat, into US dollars and euros, giving Myanmar's revenue-generating state-owned enterprises access to international markets using offshore accounts and allowing them to transact more easily with foreign entities, according to the release.
