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Three well-informed sources, including a US government official, said Tuesday Reuters o The withdrawal transaction was made on February 4 on behalf of the Central Bank of Myanmar, but was prevented by the United States Federal Reserve (FED).
Then, US officials suspended the transaction until President Joe Biden issued an executive order that gave them the authority to block the transaction indefinitely.
Neither the Fed nor the US Treasury Department commented on the above information. The Myanmar military has yet to comment.
Myanmar police were deployed to suppress the protests. Photo: EPA-EFE
Myanmar’s military is seeking to withdraw $ 1 billion after appointing a new central bank governor, arresting a number of civilian officials. The move is said to be aimed at limiting the impact of post-coup international sanctions.
Announcing a new decree that paves the way for sanctions against Myanmar generals and companies, US President Joe Biden said on February 10 that the United States had prevented Myanmar’s military from accessing the 1,000 account. million dollars from the government. Two sources told the news agency Reuters that the decree allows the Fed to freeze the Myanmar government’s billion dollar account indefinitely.
In related events, the United States announced on March 4 new measures to punish the Myanmar military for the 1-2 coup. Consequently, the United States placed officials from the Ministry of Defense, the Ministry of the Interior, and the Myanmar military-affiliated corporations MEHL and MEC on the trade blacklist.
The United States also imposed export restrictions to Myanmar, requiring US suppliers to obtain permits to transport certain items into the country. The US Department of Commerce said the US would not allow Myanmar’s military to continue to benefit from access to many commodities.
According to this agency, the United States government will continue to hold those involved in the coup responsible. The Commerce Department added that it is considering other potential actions.
The Myanmar advocacy group previously said that Myanmar’s Interior Ministry had purchased technology from US companies that were being used to monitor social media and for other uses.
The decision is the United States’ response to the escalation of violence in Myanmar. However, these measures are considered to have limited impact, as the United States ships very few goods each year to Myanmar and the sanctioned entities are not major importers.
“The volume of transactions is small, so the impact will not be great,” said William Reinsch, a former official with the US Department of Commerce.
The police have stopped protests with tear gas and firearm shooting in several cities in Myanmar. The United Nations says at least 54 people have died since the coup. More than 1,700 people were arrested, including 29 journalists.
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