Due to coup, US freezes $ 1 billion in Myanmar assets

NEW YORK, KOMPAS.com – President Joe Biden sent sanctions in the form of an asset freeze worth US $ 1 billion to Myanmar after a coup in the Burmese country.

Sanctions were put in place to prevent the generals behind the coup from accessing government funds in the US.

“Today, I again call on the Burmese army to immediately release political leaders and democratic activists. The army must renounce the power it has taken and show respect for the wishes of the Burmese people,” Biden said, citing Nikkei Asia, the Thursday (2/11/2021).

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Biden’s call marks the most energetic action taken by the United States against the Myanmar military since its coup against the country on February 1, 2021, by arresting State Councilor Aung San Suu Kyi, Myanmar’s President Win Myint and other politicians after alleging electoral fraud.

Additionally, Biden signed an executive order to impose additional sanctions on the military leaders who led the coup, including their business interests and family members.

“The White House will impose strong export controls as we maintain our support for health care, civil society groups and other areas that directly benefit the Burmese people,” Biden said.

Then the White House has reached out to partners and allies, particularly in the Indo-Pacific region, to help coordinate international action on what is happening in Myanmar.

“We will be ready to impose additional measures. We will continue to work with our international partners and urge other countries to join us in this effort,” he added.

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One of the countries he contacted was Japan. The country of Sakura is known to have had close relations with Myanmar as a donor of foreign aid and a source of business investment.

Last week, the United States under the leadership of Joe Biden officially declared that the events in Myanmar were a coup. The allocation automatically triggers restrictions on US aid provided to Myanmar.

However, the White House assured that restrictions on aid to Myanmar would not affect humanitarian assistance to the Southeast Asian country.

When he was vice president under Barack Obama, the United States led diplomatic efforts to lift Myanmar out of isolation after decades of being isolated from the world.

At the time, the Obama administration embraced Myanmar’s transition to democracy by easing sanctions.