On March 10, 2021, the U.S. imposed additional sanctions related to the February 1, 2021 coup in Myanmar (“Coup”), pursuant to Executive Order (“EO”) 14014. In a press release, OFAC stated that it sanctioned the two adult children of the commander-in-chief of the Myanmar military forces, as well as six entities that are owned or controlled by his two adult children.
The designations follow the February 10, 2021 issuance of EO 14014, which authorized the Treasury Secretary, in consultation with the Secretary of State, to block the property and interests in property of certain U.S. persons involved with the Coup. EO 14014 also authorized the blocking of the property and interests in property of persons determined “to have materially assisted, sponsored, or provided financial, material, or technological support for, or goods or services to or in support of any person whose property and interests in property are blocked pursuant to” the EO. We analyzed EO 14014 in our February 11, 2021 post.
In a previous post, we analyzed the recent political developments in Myanmar and provided a history of diplomatic relationships between Myanmar and various jurisdictions. We also discussed the public responses of the European Union, the United Kingdom, Australia, the United Nations Security Council, the G7, and various private entities.
We will continue to monitor developments in this area. Please contact the authors or your usual Herbert Smith Freehills contacts for more information.