Advocates Urge Fresh Sanctions on Myanmar's Financial Pillar

Advocates are calling for the U.S. to sanction Myanmar's state-owned bank to cut off foreign currency supplies to the military junta. Civil society groups argue the bank circumvents existing restrictions, supporting the junta's oppressive rule. The U.S. State Department has received the request but has not commented on future actions.

In a significant move, advocates have urged Washington to impose fresh sanctions on Myanmar's state-owned bank, seen as a conduit for circumventing existing U.S. financial restrictions. This call aims to cut off a crucial foreign currency source fueling Myanmar's military junta.

Dozens of Myanmar civil society groups have written to the U.S. departments of State and Treasury, advocating for the Myanma Economic Bank to be blocked from using the dollar-based financial system. This action would disrupt the junta's international support, which includes foreign banks, jet fuel suppliers, and arms dealers.

The Biden administration, which is soon to conclude, has consistently pressured the military regime since the 2021 coup. While the State Department acknowledges receiving the request, no comments have been made on potential sanctions. The groups emphasize finishing strong in counteracting the regime's access to vital revenue streams.

(With inputs from agencies.)