World ECR | U.S. Treasury revises Myanmar sanctions rules

The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) issued a final rule amending the Myanmar Sanctions Regulations to expand guidance and incorporate recent directives.

OFAC announced in a Nov. 13 notice that the revised regulations replace the abbreviated version issued in June 2021 and provide additional interpretive guidance, definitions and general permissions.

It noted that “the sanctions in Executive Order 14014 do not generally prohibit trade or the provision of banking or other financial services to the State of Myanmar.” Rather, they “apply to the extent that the relevant transactions or services involve being blocked or otherwise prohibited under these sanctions.” Property or property interests otherwise expressly prohibited.”

Major updates include:

● Incorporated into “Directive No. 1” issued on October 31, 2023, prohibiting the provision of financial services to Myanmar Oil and Gas Enterprise (“MOGE”)

● New general license for humanitarian activities and personal medical supplies

● Additional guidance regarding entities owned by blocked persons

● Expanded definitions of key terms to include “financial services” and “Government of Myanmar”