EU sanctions no silver bullet against Myanmar s illegal timber trade, experts say mongabay.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from mongabay.com Daily Mail and Mail on Sunday newspapers.
Trafficking of banned Myanmar teak lands German company with $4m fine
German firm WOB Timber was ordered by a Hamburg court to pay $4 million in fines for illegally trading Myanmar teak.
Although there is a regulation that prohibits imports of Myanmar wood into the EU, companies take advantage of legal loopholes to evade it, says the Environmental Investigation Agency (EIA).
According to the EIA, demand for Myanmar teakwood contributed to the Southeast Asian country losing a Belgium-size area of forest between 2001 and 2018
WOB Timber, a logging company based in Hamburg, Germany, has been ordered by a court to pay a $4 million fine for illegally trading Myanmar timber. The April 27 decision was one of the highest financial penalties for this type of crime in the European Union.
In this file photo taken on Sept 14, 2016, a cargo truck transports logs in Yangon. The US Treasury placed Myanmar state-owned timber and pearl businesses on its sanctions blacklist on April 21, 2021. - AFP
WASHINGTON (Reuters): The United States imposed sanctions on two more state-owned enterprises in Myanmar on Wednesday (April 21) in the latest in a series of punitive actions following the country s military coup, and said it would take further action.
The US Treasury Department in a statement said it imposed sanctions on Myanma Timber Enterprise (MTE) and Myanmar Pearl Enterprise (MPE), adding that the pearl and timber industries are economic resources for the Myanmar military.
US imposes new sanctions on two state-owned Myanmar businesses bdnews24.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from bdnews24.com Daily Mail and Mail on Sunday newspapers.
US imposes fresh sanctions on Myanmar The Southeast Asian country has been in crisis since the February coup when the military seized power from Aung San Suu Kyi’s elected government Reuters | | Published 22.04.21, 02:21 AM
The US on Wednesday imposed fresh Myanmar-related sanctions, targeting two state-owned enterprises in the latest in a series of punitive actions following the country’s military coup as Washington said it would take further action.
The US treasury department in a statement said it blacklisted Myanma Timber Enterprise (MTE) and Myanmar Pearl Enterprise, adding that the pearl and timber industries are economic resources for the Myanmar military.