UK imposes new sanctions against companies linked to Myanmar military regime

Diplomatic Correspondent

23 June, 2021 12:00 AM printer

The United Kingdom has imposed new sanctions on companies linked to Myanmar’s military regime, aiming to restrict the military junta’s ability to profit from timber and pearl, key sources of revenue for the regime.

British Foreign Secretary Dominic Raab announced the imposition of new sanctions as the junta ‘continued its subversion of democracy and brutal killing of civilians’.

He said that the Myanmar Timber Enterprise, Myanmar Pearl Enterprise and the State Administration Council would be subject to the sixth round of sanctions, said the British High Commission in Dhaka on Tuesday.

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 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.