“Myanmar’s military is embarrassed for trying to withdraw 1 trillion won from US accounts”

Input 2021.03.05 16:14

Reuters reported on the 4th (local time), citing sources familiar with the matter, that the Myanmar military attempted to move the one billion dollars (about 1.125 trillion won) of central bank funds deposited in the United States earlier last month.

According to reports, Myanmar’s military was embarrassed while looking for a billion dollars deposited in the Federal Reserve Bank of New York under the name of the central bank on the 4th of last month, three days after seizing power in a coup. The Federal Reserve Bank of New York, one of the 12 banks in the US Federal Reserve, is known as a place where central banks around the world deposit dollar assets to facilitate overseas settlements.

It is reported that the U.S. authorities, who were closely monitoring the situation last year that the funds were involved in crimes such as drug trafficking, immediately imposed a full freeze action on attempts by the military to withdraw. US President Joe Biden later signed an executive order containing sanctions against Myanmar on the 10th of last month.

In Myanmar, bloodshed continues as protests demanding the resignation of the military continue after the coup. In a statement released today, Mitchell Bachelet said in a statement released that day, “at least 54 people have been killed and more than 1700 have been arrested in Myanmar.”

There is also a growing voice that the Myanmar military should target economic sanctions. UN Human Rights Investigator Thomas Andrews said in a report released that day, “The Myanmar military is committed to killing and illegally detaining protesters,” and urged the UN Security Council to intervene, including a ban on arms exports. In addition, he demanded that the Myanmar military be prosecuted at the International Criminal Court for atrocities.

The U.S. Department of Commerce took responsibility for the coup and the crackdown on peaceful protests, and put four companies on the list of export restrictions, including the Ministry of Defense, Ministry of Interior, Myanmar Economic Enterprise, and Myanmar Economic Holding Company. Government agencies and businesses on this list must obtain approval from the U.S. government before doing business with U.S. companies. The Ministry of Commerce also required US companies to obtain government approval when exporting items that could be used for military purposes to Myanmar.

Canada, the United Kingdom and the European Union (EU) have already imposed additional sanctions on the Myanmar military.