The United Kingdom on Monday announced further sanctions on companies linked to Myanmar’s military regime which will restrict the military junta’s ability to profit from timber and pearl, key sources of revenue for the regime.
British Foreign Secretary Dominic Raab announced the new sanctions against the Myanmar Timber Enterprise, Myanmar Pearl Enterprise and the State Administration Council.
UK will maintain suspension on trade promotion in Myanmar and strengthen advice to British businesses following review of Myanmar trade, according to Foreign, Commonwealth & Development Office.
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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, said the UK government.
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 Dominic Raab said alongside our allies, they 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."
The British Foreign Secretary 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 their 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.
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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.