We are closely monitoring the international response to the evolving political situation in Myanmar and will be providing regular updates in relation to sanctions and other developments that may impact international businesses with interests or operations in Myanmar.
For further information on the current situation, please get in touch with one of our key contacts below.
- Following an initial statement from White House Press Secretary, Jen Psaki, on 31 January, in which she stated the US government’s condemnation of the military action in Myanmar, President Biden issued a further statement on Monday 1 February, in which he referred to “an immediate review” of sanctions against Myanmar.
- At time of writing, there has been no statement from the US Office of Foreign Assets Control (OFAC), the US Treasury division responsible for administering and enforcing US trade and economic sanctions.
- The EU issued a declaration on Tuesday 2 February condemning the situation in Myanmar and calling on military leaders to end the state of emergency and release all political prisoners.
- While the declaration makes no specific mention of sanctions, it states that the EU “will consider all options at its disposal to ensure that democracy prevails.”
- UK Minister for Asia, Nigel Adams, made a statement to Parliament on 2 February in which he restated the UK’s condemnation of the state of emergency declared by Myanmar’s military and called up on the international community, including the G7 and ASEAN, to work collectively to find a resolution to the current crisis.
- Myanmar’s ambassador to the UK was summoned to the Foreign, Commonwealth & Development Office.
- While the UK government has made no suggestion that it will impose new sanctions against Myanmar, it highlighted existing sanctions that are in place in respect of 16 Myanmar nationals responsible for human rights violations.
- The UK Foreign Secretary has called for a review of all indirect aid currently provided to Myanmar through international organisations and multilateral bodies.
- Australia’s Minister for Foreign Affairs, Marise Payne, issued a brief statement on 1 February condemning the military action and calling for the peaceful reconvening of Myanmar’s National Assembly.
UN Security Council
- The UN Security Council convened a closed session on Tuesday 2 February, with the UN Special Envoy on Myanmar, Christine Schraner Burgener, calling on member states to issue a joint statement condemning the actions of Myanmar’s military. No such statement was issued after China, a permanent member of the UN Security Council, exercised its veto power.
- The G7 foreign ministers have issued a statement today, 3 February, condemning the military coup
- A number of multinational companies, including several prominent businesses in the energy, mining and manufacturing sectors have announced that they are suspending operations in Myanmar pending a review of the current situation.
- A major Thai property developer has announced that it is suspending work on a US$1 billion industrial estate project in Myanmar, citing concerns of a “possible trade boycott by Western countries” and the likely impact of such action on investor appetite.