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On March 25, 2021, the United States imposed sanctions on Myanma Economic Holdings Public Company Limited ( MEHL ) and Myanmar Economic Corporation Limited ( MEC ), Burma s two largest military conglomerates.
1 On the same day, the United Kingdom announced sanctions on MEHL. On April 8, the United States imposed sanctions on Myanma Gems Enterprise ( MGE ), a Burmese state-owned entity responsible for all gemstone activities in Burma,
2 and on April 9 the United States introduced further export controls on Burma.
3 These sanctions follow a wave of restrictive measures imposed by the United States, the United Kingdom, Canada, and the European Union targeting those associated with the Burmese military and security forces who participated in the military s takeover of the country on February 1, 2021, and the subsequent military and police repression against the Burmese people. The sanctions substantially increase the compli
Myanmar Junta Reaps Millions in Gem Sales as Economy Crumbles
A buyer examines a piece of jade at a gems market in Mandalay, Myanmar, in March 2019. Photo: IC Photo
(Nikkei Asia) Fresh economic data from private research groups suggest that Myanmar’s economy is deteriorating more sharply than feared after the Feb. 1 coup, with heightened risks of soaring inflation, collapsing trade and increased poverty.
At the same time, recent days have seen a remarkable display of the military’s grasp on Myanmar’s natural resources, with a multi-million dollar, 10-day auction of gems, jade and pearls in the capital, Naypyitaw.
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US sanctions on Myanmar gems target key junta funding source
U.S. sanctions on Myanma Gems Enterprise target an army-controlled business rife with corruption and abuses that is one of the juntaâs key sources of revenue
By ELAINE KURTENBACH AP Business Writer
April 9, 2021, 10:50 AM
⢠4 min read
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Anti-coup demonstrators in Myanmar painted eggs with protest slogans, in what they re calling the Easter Egg Strike. The Associated Press
BANGKOK The latest U.S. sanctions on Myanmar target an army-controlled gems business rife with corruption and abuses that is one of the juntaâs key sources of revenue.
2021/04/09 17:42 FILE - In this Nov. 13, 2018, file photo, a merchant examines a jade stone displayed at the Gems Emporium in Naypyitaw, Myanmar. In its latest targete. FILE - In this Nov. 13, 2018, file photo, a merchant examines a jade stone displayed at the Gems Emporium in Naypyitaw, Myanmar. In its latest targeted sanctions against Myanmar s military, the U.S. has focused on an army controlled gems business rife with corruption and abuses that is part of one of the junta s most important sources of revenue. (AP Photo/Aung Shine Oo, File) FILE - In this April 23, 2019, file photo, people stand atop a ridge overlooking the scene of a mudslide at a jade gemstone mining site in Hpakant are.