US, UK Hit Two Big Myanmar Military Conglomerates With Sanctions — Radio Free Asia

The army “controls significant segments of the country’s economy” through MEHL and MEC, the U.S. says.

The United States and Britain on Thursday leveled economic sanctions on two Myanmar military holding companies that serve as a critical economic lifeline for the junta that seized power last month, in what the top U.S. diplomat called “most significant action to date to impose costs on the military regime.”

The sanctions, which block assets owned or partially owned by the two military entities in the United States and the United Kingdom, aims to squeeze the junta that deposed leader Aung San Suu Kyi and her elected government on Feb. 1 and has since killed at least 270 people in fierce attacks on daily protests.

The two firms designated for sanctions are Myanma Economic Holdings Public Company Limited (MEHL) and Myanmar Economic Corporation Limited (MEC), the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) said.

 

Source: US, UK Hit Two Big Myanmar Military Conglomerates With Sanctions — Radio Free Asia