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US to slap new sanctions on Myanmar state-owned banks

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BANGKOK: The US plans to levy new restrictions this week to cut off finances to Myanmar's military junta, according to sources with knowledge of the matter and Thai news outlets. The Thai reports, published on Tuesday (Jun 20), said the US would announce new sanctions on Myanmar Foreign Trade Bank and Myan

Zaw Min Tun told the state media channel MWD on Tuesday evening that the country has experienced sanctions before and they will not face losses if there are new sanctions on Myanmar state-owned banks."These kinds of things will cause unnecessary delays while we walk towards the multi-party democratic system."

One of the Thai media reports, by Bangkok Business News, cited Thai sources as saying the sanctions would impact Thailand and other countries in the region financially because of connections with local banks. Thailand's outgoing military-backed government earlier this week hosted controversial talks aimed at re-engaging Myanmar's shunned military, saying dialogue was necessary to protect its border with the strife-torn country, even as top diplomats of key Southeast Asian neighbours stayed away.

Critics said the meeting undermined a unified ASEAN approach to the Myanmar crisis, centred on a peace plan agreed with the junta two years ago. But Thai Prime Minister Prayuth Chan-ocha, himself a former coup leader, said direct talks were necessary to protect his country.

 

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