Financial Sanctions Lists in Myanmar: US Targets Regime Supporters

A Significant Move Against Burma’s Military Regime

In a significant move aimed at depriving Burma’s military regime of resources to conduct attacks against its own people, the United States has designated two entities and four cronies pursuant to Executive Order 14014. The designations coincide with the three-year anniversary of the military coup in Myanmar.

US Treasury Sanctions Regime Supporters

The US Department of the Treasury’s Office of Foreign Assets Control (OFAC) has coordinated this sanctions action with Canada, which designated the same entities on October 31, 2023. The designations aim to disrupt the regime’s military supply chain and limit its ability to purchase foreign currency.

Designated Entities

Shwe Byain Phyu Group of Companies (SBPG)

• A Burmese holding company established by Thein Win Zaw in 2000
• Designated for having materially assisted MEHL, which was previously designated by OFAC
• Operates at least nine subsidiaries involved in petroleum, manufacturing, and logistics activities

Myanma Five Star Line Company Limited

• A shipping company owned by MEHL
• Facilitated its access to foreign currency and ships material essential to domestic weapons production by Burma’s military

Designated Individuals

Thein Win Zaw

• Chairman, founder, and owner of SBPG
• Provided fuel to Burma’s navy while using his companies to import petroleum and share profits with MEHL

Family Members

• Tin Latt Min: spouse of Thein Win Zaw
• Theint Win Htet: adult child of Thein Win Zaw
• Win Paing Kyaw: adult child of Thein Win Zaw

Sanctions Implications

As a result of today’s designations:

• All property and interests in property of the persons named above that are in the United States or in the possession or control of US persons must be reported to OFAC
• Any entities owned directly or indirectly by one or more blocked persons are also blocked