Myanmar firms hit with coup sanctions

The Biden administration on Wednesday ramped up pressure against Myanmar’s military government by imposing sanctions on two state-owned companies responsible for significant amounts of foreign income.

The State and Treasury departments announced they were targeting Myanmar’s main timber and pearl exporting firms with penalties aimed at reducing the junta’s resources after a coup in February that has been followed by a harsh crackdown on pro-democracy protests.

The sanctions freeze any assets Myanmar Timber Enterprise and Myanmar Pearl Enterprise may have in U.S. jurisdictions and bar Americans from doing business with them.