TAL AXELROD -
04/08/21
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The Biden administration slapped additional sanctions on Myanmar on Thursday over the military junta’s February coup.
The Treasury Department said in a statement that its Office of Foreign Assets Control is instituting penalties on Myanma Gems Enterprise (MGE), a government-owned firm that oversees all gemstone activities in the country, a lucrative industry that helps fund the military regime.
“Today’s action highlights Treasury’s commitment to denying the Burmese military sources of funding, including from key state-owned enterprises throughout Burma,” said Andrea Gacki, director of the Office of the Foreign Assets Control, using another name for the country. “The United States will continue to work tirelessly, including with partners throughout the region and the world, to support the restoration of democracy and rule of law in Burma and to bring accountability to those who seek to undermine these values.”