On 19 April 2021, the EU announced further Myanmar sanctions coming into force immediately, adding 10 further individuals to its sanctions list. These 10 individuals were targeted for the positions they hold as members of the State Administrative Council and, unlike previous rounds of designations, do not appear to be military or police officials. This brings the total number of sanctioned individuals to 35 (see our previous blog post here).
The Council has also imposed sanctions on Myanmar Economic Holdings Public Company Limited (MEHL) and Myanmar Economic Corporation Limited (MEC), for their financial support to the Myanmar military, aligning with sanctions already imposed by the UK and US.
Unlike the UK, the EU’s listing information in the Council Decision and Implementing Regulation does not expressly name any subsidiaries of MEC or MEHL that are included as targeted entities. However, the restrictions effectively apply to any entities “owned or controlled” by MEC and MEHL. The listing information notes that MEHL and MEC have “subsidiaries and affiliated companies in diverse sectors of the economy, including banking, insurance, construction, trade, transportation, mining, gem extraction, manufacturing and tourism“. Accordingly, companies doing business in Myanmar should conduct thorough sanctions screening.