April 22, 2021

OFAC designates two state-owned companies in Burma for supporting the Burmese military

On April 21, 2021, the US Department of the Treasury’s Office of Foreign Assets Control designated two Burmese state-owned entities in charge of timber and pearl exports from Burma, industries that are key economic resources used to support the Burmese military regime that is responsible for the February 2021 coup and ongoing violent attacks against the people of Burma.  The designations are imposed pursuant to Executive Order 14014, “Blocking Property With Respect to the Situation in Burma,” for being a political subdivision or agency of the Government of Burma.

As a result to these designations, all of the property and interests in property under US control belonging to these entities are blocked, and all transactions with these entities are generally prohibited.  In addition, all transactions with businesses that are owned fifty percent or more by a sanctioned person or entity are also blocked.

Department of Treasury Press Release