US Issues New Myanmar Sanctions, General License
The Office of Foreign Assets Control this week sanctioned two companies with ties to the Myanmar military along with four of their “cronies” for helping the regime fund itself. The designations were announced days after the U.S. updated its Myanmar business advisory (see 2401300010) and mark the three-year anniversary of the country’s military coup, which sparked multiple rounds of sanctions and export controls by the U.S. and its allies (see 2310310028, 2306210017, 2303240024 and 2107020003).
The new sanctions target Myanmar holding company Shwe Byain Phyu Group of Companies, which imports and distributes petroleum for U.S.-sanctioned Myanma Economic Holdings Public Company Limited (MEHL); and shipping company Myanma Five Star Line Company Limited, which is owned by MEHL and helps it access foreign currency. OFAC also designated Thein Win Zaw, which controls Shwe Byain Phyu, and his wife and adult children: Tin Latt Min, Theint Win Htet and Win Paing Kyaw.
OFAC also issued new General License No. 6, which authorizes certain wind-down transactions with Shwe Byain Phyu or any entity it owns by 50% or more. Those transactions are authorized through 12:01 a.m. EST March 1.