U.S. FREEZES $1 BILLION IN MYANMAR GOVERNMENT FUNDS FOLLOWING MILITARY COUP

In response to Myanmar’s military takeover in February 2021, the United States has taken decisive action by freezing approximately $1 billion of Myanmar government assets held at the Federal Reserve Bank of New York. This move was aimed at preventing the military junta from accessing critical funds after it seized power.

Following the coup, the military attempted to transfer these assets, but U.S. officials intervened swiftly, relying on an executive order issued by President Joe Biden that grants the legal authority to block the transfer indefinitely. This financial freeze is part of a broader U.S. strategy to pressure the military regime and support the restoration of democratic governance in Myanmar.

In addition to the asset freeze, the U.S. has imposed targeted sanctions on Myanmar’s state-owned oil and gas company, Myanma Oil and Gas Enterprise (MOGE), which generates over $1 billion annually for the military through natural gas exports. These sanctions restrict U.S. persons from providing financial services to MOGE, aiming to cut off a key revenue source that funds the junta’s operations.

Together, these measures reflect the U.S. government’s commitment to holding the military accountable and supporting the pro-democracy movement in Myanmar.

Supporting Articles

U.S. Blocks Myanmar Junta’s Attempt to Access $1 Billion at New York Fed

U.S. Sanctions Myanma Oil and Gas Enterprise (MOGE)

U.S. Sanctions Myanmar Junta’s Gas Revenue

U.S. Sanctions on Myanmar Pose Hurdles for Gas Exports to Thailand, China