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UPDATE 1-UK sanctions Myanmar Gems Enterprise in bid to cut off junta funding

Mon, 17th May 2021 16:10

(Adds Raab, context)

LONDON, May 17 (Reuters) - Britain announced sanctions
against state-owned enterprise Myanmar Gems Enterprise (MGE) on
Monday, saying the move would deprive the military junta there
of a key source of funding.

The United States and Canada also announced further
sanctions against Myanmar, which has been in crisis since the
military seized power from Aung San Suu Kyi's elected government
on Feb. 1.

"The designation against MGE will cut off a key source of
funding for the military junta, which continues to subvert
democracy and is responsible for the violent repression and
serious human rights violations against the people of Myanmar,
including the killing of children," the foreign office said in a
statement.

Myanmar is the world's main source of jade, a sought-after
stone in China, and a major source of rubies and other rare
gems. The United States blacklisted MGE in April.

Britain has previously announced sanctions and asset freezes
on other entities and individuals linked to the February coup.

"The military junta in Myanmar continues to crush democracy
and attack its own people with brutal ferocity," foreign
minister Dominic Raab said in a statement

"We are working with our allies to impose sanctions that hit
the junta's access to finance, and deliver a return to
democracy."

(Reporting by William James, editing by Andy Bruce)

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