Singapore United Overseas Bank (UOB) is closing all bank accounts belonging to Myanmar Airway International (MAI) as of 31 July 2023.

According to a letter sent to MAI by UOB, MAI will not be able to use any of its UOB bank accounts as of 31 July and the accounts will be permanently closed on 15 August 2023.

MAI asked the bank to keep its accounts open, but UOB refused saying that it was closing the accounts because Western authorities, including the United States (US) and European Union (EU), had imposed sanctions against the Myanmar junta.

According to MAI it is unable to make payments at the moment and it is trying to open bank accounts with either Singapore DBS Bank, Thai Kasikorn Bank or Dubai Emirates NDB Bank.

Previously, MAI was the state-owned national carrier. Just prior to the 2010 General Election, Myanmar's government sold an 80% stake in MAI to Kanbawza Bank Ltd (KBZ) Bank which then, in 2018, sold on its stake to the 24 Hour business group owned by the junta crony capitalist Aung Aung Zaw.

MAI has a fleet of 20 aircraft, eight Airbuses, eight ATR 72s and four Embraer aircraft.

After the February 2021 coup, the 24 Hour group formed the 24 Petroleum Company to import aviation fuel into Myanmar.