We are closely monitoring the international response to the evolving political situation in Myanmar and are 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
Latest Update: US Announces Sanctions Against Myanmar
President Biden has approved an Executive Order enabling the US government to impose sanctions against Myanmar.
In a statement to the press at 1:22pm EST on 10 February, President Biden announced that the US government will move “to immediately sanction the military leaders who directed the coup, their business interests, as well as close family members.”
While his remarks did not provide details on the exact nature and extent of the sanctions to be imposed, he stated that his administration will:
- identify a first round of sanctions targets this week;
- impose strong export controls; and
- freeze US assets that benefit the Burmese government, while maintaining support for healthcare, civil society groups and other areas that benefit the population at large.
We will provide further updates as details of the proposed sanctions become available.
For further information about previous US sanctions against Myanmar, please see our earlier briefing on the topic here.