US eases economic sanctions on Myanmar

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US eases economic sanctions on Myanmar

WASHINGTON: -- The US has removed more of its economic sanctions on Myanmar, formerly known as Burma, following historic political reforms in the country.

Myanmar swore in its first democratically-elected government this year after decades of military rule.

The US has lifted restrictions on 10 state-owned companies in the banking, timber and mining industries.

Full story: http://www.bbc.com/news/business-36319142


-- BBC 2016-05-18

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US eases some sanctions on Myanmar but maintains most economic restrictions



WASHINGTON: -- The US Treasury Department has eased some sanctions on Myanmar to support ongoing political reforms but has maintained most of its economic restrictions in an effort to punish those deemed as hampering the newly-elected government, the Irrawaddy reported on Wednesday.

The move includes removing state-owned banks from a US blacklist and the lifting of sanctions against seven key state-owned timber and mining companies.

The Treasury Department has also extended indefinitely a sanction exemption that allows banks to finance shipments coming in through Burmese ports even though key terminals are controlled by blacklisted businessman Steven Law. The issue had forced Western banks to cut financing of trade into Myanmar until the US Treasury Department granted a six-month exemption in December.

The announcement highlights a key challenge for Washington as it seeks to both encourage political reforms while maintaining pressure on those it sees as spoilers. More than 100 individuals and groups remain on the US sanctions blacklist.

Several top Burmese businessmen who remain in the Special Designated Nationals list are disappointed with the announcement.

Khin Shwe, chairman of the Zay Kabar Group of companies told the Irrawaddy: “Some people have suggested that I hire a lawyer, but this is an American policy matter, so I have decided not to pursue the issue.”

He said nine of the individuals on the SDN list believed they had a good chance of being removed and eight of them have hired lawyers to negotiate with the US Treasury Department’s Office of Foreign Assets Control but their pleas have fallen on deaf ears.

Another businessman “Pepsi” Thein Tun, chairman of Tun Foundation Bank and MGS Distribution welcomed the move to lift ban on seven state-owned business enterprises but complained that the US administration has not changed its policy toward certain individuals.

Source: http://englishnews.thaipbs.or.th/content/163900


-- Thai PBS 2016-05-19