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Myanmar to lose $1B with US sanctions

Republika

The White House said it will impose sanctions on the members of the 11-man military junta that was behind the recent coup that overthrew the democratically-elected leaders of Myanmar led by Nobel Prize winner Aung San Suu Kyi.

After illegally seizing control of the government, the first move of the military, led by Senior General Min Aung Hlaing, was to arrest Suu Kyi and other senior officials of the ruling National League for Democracy (NLD) and throw them behind bars.


Significantly, the executive order signed by President Joe Biden would prevent the coup generals from getting their hands on some $1 billion in capital investments and bank deposits in the US by the Suu Kyi government.


Washington had vehemently condemned the military takeover of the civilian-led government and demanded the immediate release of Suu Kyi as well as the others being detained in the capital city of Naypyidaw.


The military had reportedly carried out the coup in total disgust, claiming massive fraud in the November 2020 national elections where the NLD registered a landslide victory by getting 83 percent of the 476 parliamentary seats up for grabs.


The junta said the martial law regime would exist for a period of one year, after which elections would be called.

Photo: www.whitehouse.gov


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