2 November 2023
The U.S. on Tuesday imposed a form of sanctions on Myanma Oil and Gas Enterprise (MOGE), the U.S. Treasury Department said, but stopped short of imposing full blocking sanctions on the ruling junta’s main source of foreign revenue.
The action, first reported by Reuters, prohibits certain financial services by Americans to the state oil and gas enterprise starting on Dec. 15, the Treasury said in a statement, in the first direct action against the state-owned enterprise. Washington has previously targeted its leadership.
Financial services include loans, accounts, insurance, investments and other services, according to Treasury guidance.
Washington held back from adding the enterprise to the Specially Designated Nationals list, which would effectively kick it out of the U.S. banking system, ban its trade with Americans and freeze its American assets.
Washington also slapped sanctions on three entities and five people whom the U.S. Treasury Department said were connected to Myanmar’s military, according to the statement, in action coordinated with Britain and Canada.
Britain added five individuals and one entity involved either in providing financial services to the regime or the supply of restricted goods including aircraft parts. Canada imposed sanctions against 39 individuals and 22 entities for supporting Myanmar’s military regime. Neither country mentioned MOGE in its announcement.
