Today, the United States is designating Burma’s Ministry of Defense (MoD) and two of Burma’s largest regime-controlled banks, Myanma Foreign Trade Bank (MFTB) and Myanma Investment and Commercial Bank (MICB). MFTB and MICB have been instrumental in facilitating the regime’s use of foreign currency to procure arms from abroad for the MoD. These banks also allow Burma’s revenue-generating state-owned enterprises to easily access international markets using the banks’ offshore accounts, providing significant financial resources for the regime to exploit for military purposes.
The United States will not waver in its support for the people of Burma as they seek peace, justice, and a genuine democratic future for their country. We will continue to engage with our partners and allies in the broader international community to constrain the regime’s ability to exploit the international financial system to advance its violence and prolong the crisis, while restricting the regime’s ability to transfer hard currency to Russia’s defense sector.
The designations of MoD, MFTB, and MICB were taken pursuant to Executive Order 14014 for being political subdivisions, agencies, or instrumentalities of the military regime. For more information on today’s Treasury actions, see Treasury’s press release.
Official news published at https://www.state.gov/sanctioning-two-state-owned-banks-and-the-ministry-of-defense-for-the-burma-military-regimes-atrocities/
