(UTV| UNITED STATE) – The US and UK have imposed sanctions on Myanmar’s two military conglomerates in a move that significantly ratchets up pressure on the country’s leadership.
Myanmar Economic Corporation (MEC) and Myanmar Economic Holdings Ltd (MEHL) control significant portions of Myanmar’s economy, with interests across many of the country’s major industries.
The US Treasury has now added the two companies to a blacklist, freezing any assets they have in the US and banning US individuals and businesses from trading with them.
The UK has imposed sanctions on MEHL.
“These actions will specifically target those who led the coup, the economic interests of the military, and the funding streams supporting the Burmese military’s brutal repression,” Secretary of State Antony Blinken said. “They are not directed at the people of Burma.
Human rights groups and democracy activists have long pushed for sanctions against the two conglomerates, arguing that they fund the military’s repression of protestors.
But the US is the only major power so far to impose sanctions on the two businesses, while Myanmar’s biggest trade partners in Asia have rejected sanctions.
Critics worry that the increased pressure won’t be enough to force change.
“The leverage is not really there,” said Richard Horsey, a Myanmar expert with the International Crisis Group.
