AIRLINK 72.59 Increased By ▲ 3.39 (4.9%)
BOP 4.99 Increased By ▲ 0.09 (1.84%)
CNERGY 4.29 Increased By ▲ 0.03 (0.7%)
DFML 31.71 Increased By ▲ 0.46 (1.47%)
DGKC 80.90 Increased By ▲ 3.65 (4.72%)
FCCL 21.42 Increased By ▲ 1.42 (7.1%)
FFBL 35.19 Increased By ▲ 0.19 (0.54%)
FFL 9.33 Increased By ▲ 0.21 (2.3%)
GGL 9.82 Increased By ▲ 0.02 (0.2%)
HBL 112.40 Decreased By ▼ -0.36 (-0.32%)
HUBC 136.50 Increased By ▲ 3.46 (2.6%)
HUMNL 7.14 Increased By ▲ 0.19 (2.73%)
KEL 4.35 Increased By ▲ 0.12 (2.84%)
KOSM 4.35 Increased By ▲ 0.10 (2.35%)
MLCF 37.67 Increased By ▲ 1.07 (2.92%)
OGDC 137.75 Increased By ▲ 4.88 (3.67%)
PAEL 23.41 Increased By ▲ 0.77 (3.4%)
PIAA 24.55 Increased By ▲ 0.35 (1.45%)
PIBTL 6.63 Increased By ▲ 0.17 (2.63%)
PPL 125.05 Increased By ▲ 8.75 (7.52%)
PRL 26.99 Increased By ▲ 1.09 (4.21%)
PTC 13.32 Increased By ▲ 0.24 (1.83%)
SEARL 52.70 Increased By ▲ 0.70 (1.35%)
SNGP 70.80 Increased By ▲ 3.20 (4.73%)
SSGC 10.54 No Change ▼ 0.00 (0%)
TELE 8.33 Increased By ▲ 0.05 (0.6%)
TPLP 10.95 Increased By ▲ 0.15 (1.39%)
TRG 60.60 Increased By ▲ 1.31 (2.21%)
UNITY 25.10 Decreased By ▼ -0.03 (-0.12%)
WTL 1.28 Increased By ▲ 0.01 (0.79%)
BR100 7,566 Increased By 157.7 (2.13%)
BR30 24,786 Increased By 749.4 (3.12%)
KSE100 71,902 Increased By 1235.2 (1.75%)
KSE30 23,595 Increased By 371 (1.6%)
World

Biden announces new sanctions against top Myanmar generals after coup

  • Biden also announced a freeze on $1 billion of "Burmese government funds held in the United States" that would prevent the generals from accessing those funds.
Published February 11, 2021

WASHINGTON: President Joe Biden said on Wednesday he had approved an executive order paving the way for new sanctions on Myanmar military officers and their businesses after the military detained elected leaders and seized power on Feb. 1.

Biden said the executive order would enable his administration "to immediately sanction the military leaders who directed the coup, their business interests as well as close family members."

Myanmar's military arrested civilian leaders, including Nobel laureate Aung San Suu Kyi, and announced a year-long state of emergency, citing allegations a November election was beset by fraud. The electoral commission dismissed the army's complaints.

Biden also announced a freeze on $1 billion of "Burmese government funds held in the United States" that would prevent the generals from accessing those funds.

He did not say specifically who would be hit with the new sanctions.

"We will identify a first round of targets this week, and we're also going to impose strong exports controls. We're freezing U.S. assets that benefit the Burmese government, while maintaining our support for healthcare, civil society groups, and other areas that benefit the people of Burma directly," Biden said.

Protesters took to the streets of Myanmar for a fifth day on Wednesday, vowing to keep up demonstrations against the coup even after a woman was shot and critically wounded during clashes the previous day.

The United States would be ready to impose additional measures and would work with other countries to join in pressuring the coup-makers, Biden said.

The United States is likely to target the commander in chief, Min Aung Hlaing, who led the coup. Min Aung Hlaing and other generals are already under U.S. sanctions imposed in 2019 over abuses against Rohingya Muslims and other minorities.

They could also target the military's two major conglomerates. Myanmar Economic Holdings Limited and Myanmar Economic Corp are sprawling holding companies with investments spanning various sectors including banking, gems, copper, telecoms and clothing.

The Biden administration has been working to form an international response to the crisis, including by working with allies in Asia who have closer ties to Myanmar and its military.

Secretary of State Antony Blinken and his Japanese counterpart Toshimitsu Motegi agreed to urge Myanmar authorities to immediately stop their violence against protesters, according to a readout from Japan's foreign ministry on Wednesday U.S. time.

The Biden administration also was working on its Myanmar policy with both fellow Democrats and Republicans in Congress.

National security adviser Jake Sullivan spoke on Wednesday with Senate Republican leader Mitch McConnell, who has a longstanding interest in the country and a close relationship with Suu Kyi, a McConnell aide said.

Comments

Comments are closed.