US targets Myanmar’s state oil and gas enterprise with form of sanctions

Washington has previously targeted the company’s leadership, but this is the first direct action it has taken against the state-owned enterprise

The US also slapped sanctions on three entities and five people said to be connected to Myanmar’s military, in action coordinated with Britain and Canada

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Members of the Myanmar military march to mark the country’s Independence Day in Naypyidaw in January. The Myanma Oil and Gas Enterprise (MOGE) is the ruling junta’s main source of foreign revenue. Photo: AFP

Published: 5:48am, 1 Nov 2023

The US on Tuesday imposed a form of sanctions on Myanma Oil and Gas Enterprise (MOGE), the US Treasury Department said, but stopped short of imposing full blocking sanctions on the ruling junta’s main source of foreign revenue.

The action prohibits certain financial services by Americans to the state oil and gas enterprise starting on December 15, the Treasury said in a statement, in the first direct action against the state-owned enterprise. Washington has previously targeted its leadership.

Financial services include loans, accounts, insurance, investments and other services, according to Treasury guidance.

Washington held back from adding the enterprise to the Specially Designated Nationals list, which would effectively kick it out of the US banking system, ban its trade with Americans and freeze its American assets.

Washington also slapped sanctions on three entities and five people whom the US Treasury Department said were connected to Myanmar’s military, according to the statement, in action coordinated with Britain and Canada.