US imposes sanctions on two more junta-controlled Myanmar banks

By Admin 22 Jun 2023

DMG Newsroom
22 June 2023, Sittwe

The United States said in a June 21 statement that it has imposed sanctions against the junta-controlled Myanma Foreign Trade Bank (MFTB) and Myanma Investment and Commercial Bank (MICB).

“MFTB and MICB have been instrumental in facilitating the regime’s use of foreign currency to procure arms from abroad for the MoD [Ministry of Defence]. These banks also allow Burma’s revenue-generating state-owned enterprises to easily access international markets using the banks’ offshore accounts, providing significant financial resources for the regime to exploit for military purposes,” said a statement from the US State Department attributed to Secretary of State Antony Blinken.

When DMG attempted to contact the MICB head office in Yangon about the matter, a bank employee on duty replied, “There are no superiors [here to take questions] yet.”

Regime spokesman Major-General Zaw Min Tun said adding MFTB and MICB to the economic sanctions list could cause unnecessary delays in the process of multi-party democracy, the junta-controlled Myanmar Alinn daily reported.

“The United States’ imposition of sanctions on MFTB and MICB is a political crisis for Myanmar. As the junta has clearly stated that it will build a union based on multi-party democracy and democracy and a federal system, which all citizens want, we believe that the US is making it difficult,” he added.

MFTB, headquartered on Maha Bandoola Park Road in Yangon, was established in 1976 and MICB is headquartered on Bo Aung Kyaw Street in Botahtaung Township, and was established in 1990.

Thai media reported that the US government’s sanctions may have an impact on banks in other countries in the region, including Thailand, which are connected to MFTB and MICB.

The United States and other Western countries have imposed sanctions on the Myanmar generals and businesses associated with the regime since the military overthrew the civilian government in a February 2021 coup.