Myanmar junta uses force on streets; US, UK target finances

YANGON, Myanmar (AP) — As Myanmar's junta used violence again Thursday to try to suppress protests against the military's takeover, the United States and Britain announced tough sanctions against two holding companies that provide financial sustenance for the army regime.

The U.S. Treasury Department said its action against Myanma Economic Holdings Public Company Limited and Myanmar Economic Corporation Limited targeted the army’s control of large parts of the country’s economy, “which is a vital financial lifeline for the military junta.”

The sanctions against the two companies and their holdings blocks access to any property they control in the United States and effectively bars any U.S. person or company from conducting any sort of business with them, including supplying them with funds or providing goods or services. The department’s Office of Foreign Assets Control can make exceptions for companies it licenses.

“These sanctions specifically target the economic resources of Burma’s military regime, which is responsible for the overthrow of Burma’s democratically elected government and the ongoing repression of the Burmese people,” the announcement from Washington said. “These sanctions are not directed at the people of Burma.” Burma is another name for Myanmar.

Britain's action only targets Myanma Economic Holdings Public Company Limited. “Today’s sanctions target the military’s financial interests to help drain the sources of finance for their campaigns of repression against civilians,” Foreign Secretary Dominic Raab said.

The U.S. and Britain had already issued sanctions personally targeting the military leaders who staged the Feb. 1 coup. Opponents of the coup, inside and outside Myanmar, had been lobbying strongly to target the holding companies as well.

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