The U.S. Treasury Department on Wednesday sanctioned Burma’s Defense Ministry and two regime-controlled banks for their alleged roles in the junta’s weapon purchases from sanctioned entities in Russia.
The sanctions targeted the Myanmar Foreign Trade Bank and Myanmar Investment and Commercial Bank, which were used by the junta for foreign currency exchanges and buying arms from foreign sources.
State Secretary Antony Blinken said the banks had enabled state-owned enterprises to access foreign markets using offshore accounts, providing “significant financial resources” for the junta.
“We will continue to engage with our partners and allies in the broader international community to constrain the regime’s ability to exploit the international financial system to advance its violence and prolong the crisis while restricting the regime’s ability to transfer hard currency to Russia’s defense sector,” Blinken said….