The United States has imposed sanctions on Myanmar’s state-owned Myanmar Oil and Gas Enterprise (MOGE). According to a statement issued by the US Treasury Department on Tuesday, the measures are aimed at stopping the expansion of Myanmar’s ruling junta.
MOGE is the main source of revenue for the military government. The Myanmar government used the money to buy military weapons and equipment from abroad.
The measure prohibits Americans from engaging in all activities related to government economic services such as loans, accounts, insurance, investments, etc. with oil and gas companies starting December 15. However, this ban does not completely block MOGE.
The US will continue to coordinate with Canada and the United Kingdom on the sanctions to bring the three countries on the same page and take further action against Myanmar’s military leaders.
US Secretary of State Anthony Blinken said in a statement, “We call on the international community to step up their efforts to resolve the deteriorating human rights, humanitarian, political and economic crisis in Burma.”
Earlier in June, Washington banned two state-owned banks that generate revenue, including the Myanmar Oil and Gas Enterprise, for currency exchange.