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The U.S. Department of Commerce’s Bureau of Industry and Security (“BIS”) issued final rules amending the Export Administration Regulations (“EAR”) by implementing new export controls on Burma (Myanmar), and adding four entities linked to the recent coup to the Entity List. These final rules effective March 8, 2021 come less than a month after President Biden imposed sanctions blocking U.S. property and interests of Burmese military and government officials.
Burma Removed from Country Group B with Significant Repercussions
As of March 8, Burma is now in the more highly controlled Country Group D:1 (it was previously in Country Group B). Because of Burma’s move to Country Group D:1, transactions involving Burma are no longer eligible for the following License Exceptions under the EAR:
Saturday Read: Investors are fleeing Myanmar as coup grows more deadly
38 people were killed by military at pro-democracy protests on Wednesday alone, in the bloodiest day since the coup began. (Getty Images)
The world’s largest sovereign wealth fund, the Norwegian central bank, has put Japanese Kirin Holdings on a watch list for possible exclusion due to its ties to Myanmar’s military, in light of the recent coup and ongoing unrest in the country.
The Japanese beverage group Kirin has a partnership and $1.7bn controlling stake in Myanmar Economic Holdings Public Company Limited, a company run by Myanmar’s army.
Japanese drinks giant Kirin Holdings said it wanted to keep selling beer in Myanmar even after the recent coup prompted it to scrap its alliance with a joint venture partner linked to the Myanmar military.
TOKYO (Reuters): Japanese drinks giant Kirin Holdings said it wanted to keep selling beer in Myanmar even after the recent coup prompted it to scrap its alliance with a joint venture partner linked to the Myanmar military.