“OFAC [Office of Foreign Assets Control] in consultation with the Department of State, removed seven state-owned enterprises and three state-owned banks from the SDN [Specially Designated Nationals] List,” the release said.
The companies removed from the sanctions list include Myanmar Timber Enterprise, Myanmar Pearl Enterprise, Myanmar Gem Enterprise, No. 1 Mining Enterprise, No. 2 Mining Enterprise, No. 3 Mining Enterprise, and Co-Operative Export-Import Enterprise.
The three delisted banks are Myanma Economic Bank, Myanmar Foreign Trade Bank, and Myanma Investment and Commercial Bank.
OFAC has also authorized most personal transactions like paying rent or buying goods for US citizens residing in the country, also known as Burma, the Treasury announced.
Besides, OFAC updated an existing general license authorizing most transactions related to the country’s presently sanctioned financial institutions by adding Innwa Bank and Myawaddy Bank to the license.
Earlier in the day, US President Barack Obama renewed Myanmar sanctions due to continuing threat to the national security and foreign policy of the United States. However, Obama noted significant progress the Myanmar government had made since 2011, including the release of more than 1,300 political prisoners, a competitive election, a ceasefire agreement with armed groups and the signing of international arms treaties.
The White House had previously indicated it would adjust long-standing sanctions against Myanmar following parliamentary elections last year in which the country’s military-led government allowed long-time opposition leader Aung San Suu Kyi to participate.
