US to renew Myanmar sanctions, but make some “changes”
Despite a new democratically-elect government in office in Myanmar, the US plans to renew the bulk of its sanctions against the country upon expiry next week, Reuters reports. However, there will be some changes “aimed at boosting investment and trade,” the report cited senior US officials and congressional aides.
An announcement on extending much of the International Emergency Economic Powers Act, or IEEPA, could come as soon as May 17 ahead of a visit to the nation by US Secretary of State John Kerry on May 22, officials said.
The US Treasury Department has already eased sanctions against Myanmar by issuing general licenses that give US companies and investors exemptions to sanctions targeting more than 100 individuals and businesses, including some of Myanmar’s biggest business players.
This time, the US will likely offer more general licenses to specific companies, and take some people off the Treasury’s list of “Specially Designated Individuals” targeted for sanctions. But a lifting of all sanctions is not in sight.
Kerry’s visit to Myanmar is his first since the party of Aung San Suu Kyi, the country’s Nobel laureate, swept to power following a landslide election victory in November. Suu Kyi is said to support the extension of US sanctions with some changes. Discussions between her and US representatives focused on how to properly target trade restrictions so they do not hurt Myanmar’s overall economy, but keep pressure on military-owned institutions.
Despite a new democratically-elect government in office in Myanmar, the US plans to renew the bulk of its sanctions against the country upon expiry next week, Reuters reports. However, there will be some changes "aimed at boosting investment and trade," the report cited senior US officials and congressional aides. An announcement on extending much of the International Emergency Economic Powers Act, or IEEPA, could come as soon as May 17 ahead of a visit to the nation by US Secretary of State John Kerry on May 22, officials said. The US Treasury Department has already eased sanctions against Myanmar by...
Despite a new democratically-elect government in office in Myanmar, the US plans to renew the bulk of its sanctions against the country upon expiry next week, Reuters reports. However, there will be some changes “aimed at boosting investment and trade,” the report cited senior US officials and congressional aides.
An announcement on extending much of the International Emergency Economic Powers Act, or IEEPA, could come as soon as May 17 ahead of a visit to the nation by US Secretary of State John Kerry on May 22, officials said.
The US Treasury Department has already eased sanctions against Myanmar by issuing general licenses that give US companies and investors exemptions to sanctions targeting more than 100 individuals and businesses, including some of Myanmar’s biggest business players.
This time, the US will likely offer more general licenses to specific companies, and take some people off the Treasury’s list of “Specially Designated Individuals” targeted for sanctions. But a lifting of all sanctions is not in sight.
Kerry’s visit to Myanmar is his first since the party of Aung San Suu Kyi, the country’s Nobel laureate, swept to power following a landslide election victory in November. Suu Kyi is said to support the extension of US sanctions with some changes. Discussions between her and US representatives focused on how to properly target trade restrictions so they do not hurt Myanmar’s overall economy, but keep pressure on military-owned institutions.
