Myanmar Junta Strengthens Economic Grip as Sanctions Tighten
UK and Canada Issue New Sanctions, Targeting Military-Owned Companies
The Myanmar military junta continues to tighten its economic grip on the country, even as international sanctions intensify. In recent weeks, the United Kingdom and Canada have imposed new sanctions, targeting military-owned companies and individuals.
UK Sanctions
On March 28, the UK government announced sanctions against nine military-owned companies and six individuals linked to the junta. The sanctions include asset freezes and travel bans. The UK government said the sanctions were aimed at "target[ing] the military's corrupt business interests and deny[ing] them access to the UK financial system."
The nine companies targeted by the UK sanctions are: Myanmar Economic Corporation (MEC), Myanmar Economic Holdings Limited (MEHL), Myanmar Gems Enterprise (MGE), Myanmar Timber Enterprise (MTE), Myanmar Pearl Enterprise (MPE), Myanmar Golden Star (MGS), Myanmar Agribusiness Public Corporation (MAPCO), Myanmar Livestock and Fisheries Enterprise (MLFE), and Myanmar Construction Company (MCC).
Canadian Sanctions
On March 31, the Canadian government announced sanctions against three military-owned companies and five individuals linked to the junta. The sanctions include asset freezes and travel bans. The Canadian government said the sanctions were aimed at "impos[ing] costs on the military regime and those who continue to support its repressive actions."
The three companies targeted by the Canadian sanctions are: MEC, MEHL, and MGE. The five individuals targeted by the sanctions are: Min Aung Hlaing, Soe Win, Mya Tun Oo, Than Htut, and Hlaing Oo.
Impact of Sanctions
The impact of the UK and Canadian sanctions on Myanmar's economy remains to be seen. However, the sanctions are likely to further isolate the junta and make it more difficult for them to do business internationally.
The sanctions could also lead to shortages of essential goods and services in Myanmar. The junta has already imposed restrictions on imports of food and fuel, and the sanctions could make it even more difficult for people to obtain the goods they need.
International Community's Response
The international community has condemned the Myanmar junta's crackdown on dissent and its human rights abuses. The United Nations Security Council has called for an end to the violence and the release of political prisoners.
The United States has also imposed sanctions on the Myanmar junta. In February, the US government sanctioned 10 individuals and four entities linked to the junta. The sanctions include asset freezes and travel bans.
The international community is continuing to monitor the situation in Myanmar. It is likely that further sanctions will be imposed on the junta if it does not take steps to end the violence and respect the human rights of the people of Myanmar.
