WASHINGTON: The US Treasury placed Myanmar state-owned timber and pearl businesses on its sanctions blacklist Wednesday, saying they were used to generate revenue for the military regime.
The Treasury placed sanctions on Myanma Timber Enterprise and Myanmar Pearl Enterprise, which are responsible for timber and pearl exports from the former Burma.
The sanctions aim to restrict the companies’ access to the global trading and financial system by forbidding US individuals and companies, including banks with US arms, from doing business with them.
The sanctions also freeze any property held by the two companies under US jurisdiction.
The sanctions came as Washington seeks to add pressure on the country’s military after it ousted civilian leader Aun San Suu Kui and seized power in a February 1 coup.
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