US sanctions 2 State-owned Myanmar businesses

The United States has imposed sanctions on two state-owned Burmese companies in an attempt to deprive Myanmar's military leaders of a major source of income, the Treasury Department Office of Foreign Assets Control (OFAC) said on Wednesday.

The United States has imposed sanctions on two state-owned Burmese compes in an attempt to deprive Myanmar's military leaders of a major source of income, the Treasury Department Office of Foreign Assets Control (OFAC) said on Wednesday.

"The following entities have been added to OFAC's SDN [specially designated nationals] List: MYANMAR TIMBER ENTERPRISE... MYANMAR PEARL ENTERPRISE," the Treasury Department said in a notice, as quoted by Sputnik.

In a separate press release, the US Treasury said the compes are responsible for timber and pearl exports from Myanmar, which serve as key sources of government revenue for Myanmar's military, according to the news outlet.

The sanctions were authorized under US executive order 14014, which blocks property with linked to the coup in Myanmar.

Last month, the United States has imposed Myanmar-related sanctions on two individuals, including the Deputy Minister for Home Affairs and Chief of Burma Police Force, and two divisions of the country's armed forces, the Treasury Department said in a notice on the Office of Foreign Assets Control (OFAC).

The Council of the European Union also imposed sanctions on 11 individuals responsible for the military coup staged in Myanmar on February 1, and the subsequent military and police repression against peaceful demonstrators.

According to a statement from the council, the sanctions targetted 10 military officials; among them are Commander-in-Chief Min Aung Hlaing and Deputy-Commander-in-Chief Soe Win, as well as the new chairperson of Myanmar's election commission.

In February, the EU strongly condemned the military coup in Myanmar and is considering sanctions against the individuals responsible for ousting the country's civilian government.

On February 1, the Myanmar military overthrew the civilian government and declared a year-long state of emergency. The coup triggered mass protests and was met by the deadly violence, resulting in the death of several hundred people.

( With inputs from ANI )