US blocks transfer of KRW 1 billion of deposit funds
Expansion of export control companies and goods by the Ministry of Commerce
Military “Survive… Chinese-Russian friend”
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It is known that the Myanmar military was blocked trying to transfer a large amount of funds deposited in the United States immediately after the coup. Despite the intense pressure from the international community, the Myanmar military is not concerned.
According to Reuters on the 4th (local time), the Myanmar military tried to transfer about 1 billion dollars (1,125 billion won) deposited in the New York Federal Reserve Bank under the name of the Central Bank of Myanmar on the 4th of last month, three days after the coup. However, New York Federal authorities delayed the approval of the deal, and shortly afterward, President Joe Biden issued an executive order giving him the power to block the deal indefinitely.
At that time, Yeon-eun took the same action because Myanmar was on the’Gray List’. The gray list is written for countries, groups, and individuals who are concerned about money laundering, such as drug trafficking. Those on the list are subject to further investigation by US authorities prior to trading. Myanmar was included on this list last year.
The United States also announced additional sanctions that pressed the military in Myanmar on that day. The US Department of Commerce has listed Myanmar Economic Enterprises and Myanmar Economic Holding Companies owned by the Ministry of Defense as well as the Ministry of Defense and Interior of Myanmar on the list of export restrictions. U.S. companies must obtain approval from the U.S. government to do business with these organizations. In addition, the Department of Commerce has imposed export restrictions that require US companies to obtain permission from the US government to export items that could be used for military purposes to Myanmar. The Department of Commerce also implied additional sanctions, saying, “The US government will continue to hold those who committed the coups accountable for their actions.”
Following Facebook, YouTube also removed five channels owned by the Myanmar military. YouTube said the channels had taken this action in violation of community guidelines and rules. Despite these pressures, the Myanmar military has not budged. “We are used to sanctions and survived,” according to a conversation with Myanmar’s military deputy commander, So Yun, disclosed by the UN envoy Christine Schraner Burginer. He also said, “We have to learn to be with a handful of friends.” Local media reported that China and Russia are counted among the “minimal friends” he referred to.
/ Reporter Kwak Yoon-ah [email protected]
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