Call to Action: Sanctions Urged on Myanmar's Financial Lifeline

Advocates are calling on Washington to sanction Myanmar's military by targeting the state-owned Myanma Economic Bank. With the military relying on this bank for foreign currency, such sanctions would cripple its international support amid ongoing atrocities. The push comes as Biden's term nears its end.

Advocates are urging Washington to impose sanctions on Myanmar's Myanma Economic Bank, a crucial source of foreign currency for the military junta, in a bid to undermine the regime's financial backbone before the Biden administration concludes.

This call for action, backed by several Myanmar civil society groups, was addressed in a letter to the U.S. departments of State and Treasury, recommending that the bank's access to the dollar-based system be blocked. The International Campaign for the Rohingya claims that such financial measures could disrupt the junta's activities.

Myanmar's military regime has relied on Myanma Economic Bank for revenue from natural gas exports and arms procurement. The letter highlights an opportunity to weaken the junta's global connections amid its internal struggles since the 2021 coup. The Biden administration is encouraged to conclude its tenure with strong measures akin to those implemented at the start of Biden's term.

(With inputs from agencies.)