US places Myanmar state-owned timber and pearl businesses on its sanctions blacklist

By AFP
22 April 2021
US places Myanmar state-owned timber and pearl businesses on its sanctions blacklist
Photo: AFP

In Washington, the US Treasury Department placed Myanmar state-owned timber and pearl businesses on its sanctions blacklist, saying they were used to generate revenue for the military regime.

The sanctions on Myanmar Timber Enterprise and Myanmar Pearl Enterprise -- responsible for the country's timber and pearl exports -- aim to restrict their access to the global trading and financial system by forbidding US individuals and companies from doing business with them.

The sanctions also freeze property held by the two companies under US jurisdiction.

The United States "will continue to target specific funding channels and promote accountability for the coup and related violence," said Secretary of State Antony Blinken.

Washington has already imposed targeted sanctions on Myanmar gem companies as well as leaders of the military who seized power in the February 1 coup.

© AFP