MYANMAR: Sanctions Target Myanmar Gems Enterprise with Addition to Financial Blacklist

Washington Tightens Noose on Key Players in Myanmar Regime

In a recent move aimed at isolating the Myanmar regime economically, Washington has added Myanmar Gems Enterprise (MGE) to its list of Specially Designated Nationals (SDNs). This designation is part of broader financial sanctions against entities deemed to be supporting or benefiting from the country’s ruling junta.

Background on Myanmar Gems Enterprise

• MGE has operated under various names, including Myanmar Gems Corporation and Myanmar Gems Enterprise.
• The company’s operations span across several locations in Yangon and Naypyidaw, indicating a significant presence within the country’s gemstone market.
• MGE is associated with the Myanmar military’s efforts to monetize Burma’s natural resources, primarily jade and rubies.

Implications of Designation

The addition of MGE to the SDN list has significant implications for the company, including:

• Restrictions on Assets: Any assets held within U.S. jurisdiction are subject to restriction.
• Prohibitions on Financial Transactions: Prohibitions against dealing or engaging in financial transactions with MGE.

International Response

The designation is a reflection of the international community’s growing concern over the Myanmar military’s grip on power and its attempts to exploit the country’s wealth for personal gain. The move also underscores Washington’s commitment to imposing penalties on entities that continue to support the junta, as part of its broader efforts to isolate Burma economically.

Further Measures Expected

This action marks another step in what appears to be a sustained international effort to target key players backing Myanmar’s junta. As diplomatic pressure mounts against Naypyidaw’s actions, further measures are likely to be taken to isolate the regime economically.