In the UK’s sixth tranche of Myanmar sanctions, measures
announced today will target the Myanmar regime’s economic
interest with new designations against the State Administration
Council (SAC), the junta’s ruling body, who continue to undermine
democracy and brutally suppress Myanmar’s civilians.
These sanctions send a clear message to the junta the UK will not
allow financial support that props up the military regime
following the coup earlier this year.
Additional measures will now be imposed on the Myanmar Timber
Enterprise and Myanmar Pearl Enterprise, 2 state owned entities
in Myanmar’s extractive sector. These asset freezes will be
enforced with immediate effect, and target the junta’s ability to
profit from pearl and timber, 2 high-value natural commodities
that generate millions in revenue for the military regime.
Foreign Secretary said:
Alongside our allies, we are placing sanctions on companies
linked to Myanmar’s military junta, targeting the finances of
this illegitimate regime.
The military has continued its subversion of democracy and brutal
killing of civilians. We will continue to hold the Junta to
account and sanction those responsible, until democracy is
restored.
Today the Foreign Secretary has also announced the conclusion of
the UK’s Myanmar Trade Review. In a Written Ministerial Statement
in Parliament, he confirmed that the UK will maintain its
suspension on trade promotion in Myanmar first imposed following
the coup earlier this year.
The UK will also strengthen our Overseas Business Risk
guidance to reiterate the message that UK businesses must
undertake enhanced supply chain due diligence and should not
enter into trading relationships that benefit the Myanmar
military.
The Myanmar Trade Review emphasised that UK businesses continue
to have an important role to play in Myanmar in job creation and
poverty alleviation, but should operate responsibly in order to
avoid inadvertently supporting the military regime.
Today’s new sanctions announcement, alongside the similar
announcement from the European Union on Myanmar Timber
Enterprise, follows the recent G7 communiqué which called on
partners and business to exercise due diligence in their trade
and investment in Myanmar. Under the UK’s presidency the G7
continues to call for an end to the coup and the immediate
adoption of the ASEAN 5-point consensus.
Read the full UK sanctions list.
Background
Links to previous Myanmar sanctions announcements:
