US Sanctions Block Myanmar s Gemstone Exports February 17, 21 by John Jeffay
(IDEX Online) - US President Joe Biden has blacklisted three gemstone companies in Myanmar because of their links with military regime that ousted state counsellor Aung San Suu Kyi as leader earlier this month.
The country produces 90 per cent of the world s high-end rubies, many of its most expensive sapphires, a
nd it supplies China with much of its jade.
Sanctions now prohibit Myanmar Ruby Enterprise, Myanmar Imperial Jade Co. Ltd., a
nd Cancri Gems & Jewellery Co. Ltd from doing any business in the US o
r with US companies.
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In response to the recent military coup in Myanmar (also known as Burma) against the democratically-elected government, on February 11, 2021 the Biden Administration issued an Executive Order on Blocking Property with Respect to the Situation in Burma (E.O.), which launched a new targeted sanctions regime. That same day, the Treasury Department’s Office of Foreign Assets Control (OFAC) designated former and current officials of Burma’s military or security forces and affiliated entities in the jade and gems sector as Specially Designated Nationals (SDNs). In addition, the Commerce Department’s Bureau of Industry and Security (BIS) announced a series of steps to tighten export controls on certain ministries, armed forces, and security services, and to limit availability of license exceptions. It has been indicated that these are initial steps, and that further sanctions and export control may follow.
U S Imposes Targeted Sanctions And Export Restrictions On Burma In Response To Military Coup | Husch Blackwell LLP jdsupra.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from jdsupra.com Daily Mail and Mail on Sunday newspapers.
U.S. imposes targeted sanctions on Myanmar military elites
U.S. President Joe Biden called for the coup to be reversed, and the release of civilian leaders including Myanmar s political icon, Aung San Suu Kyi.
The sanctions put in place by the U.S. specifically target military leaders who directed the coup, their business interests and close family members, as well as officials connected with the military (Tatmadaw), according to
The sanctions are not comprehensive countrywide sanctions nor do they appear to be the same old sanctions programme imposed on Myanmar in the past, which had severely crippled the Myanmar economy, impacting the civilian population greatly.
Read more about US govt slaps sanctions on Myanmar in response to military coup on Business Standard. "The February 1 coup was a direct assault on Burma s transition to democracy and the rule of law," Treasury Secretary Janet Yellen said in a statement