OFAC Issues New Myanmar Sanctions, License

The Office of Foreign Assets Control this week sanctioned Myanmar’s Ministry of Defense and two financial institutions that help facilitate foreign currency exchanges within the country and transactions between the military and foreign markets. OFAC said state-owned Myanma Foreign Trade Bank and Myanma Investment and Commercial Bank allow the country’s defense ministry to buy arms and “other materials.”

The agency also issued new General License No. 5, which authorizes the wind-down of certain transactions Involving Myanma Investment and Commercial Bank, Myanma Foreign Trade Bank or entities they own by 50% or more. Those transactions are authorized through 12:01 a.m. EDT Aug. 5.