Logo of Phnom Penh Post newspaper Phnom Penh Post - US govt eases sanctions

US govt eases sanctions

US govt eases sanctions

Last week the US government eased some of the financial and investment sanctions on Myanmar to allow the first new US investment in the country in nearly 15 years, and to broadly authorise the exportation of financial services to Myanmar.

The US State Department website says its change in sanctions policy is aimed at supporting democratic reform and reconciliation efforts while aiding in development that provides benefits to all of Myanmar’s people.

The website says the US believes that the participation of American businesses in the country’s economy will set a model for responsible investment as well as encourage further change and promote economic development.

The website goes on to say that the US “remains concerned about the protection of human rights, corruption, and the role of the military in the Burmese economy”.

The US is not authorising new investment with the Ministry of Defence, state or non-state armed groups, or entities owned by them.

US persons are still prohibited from dealing with blocked persons, including both listed Specially Designated Nationals (SDNs) as well as any entities 50 per cent or more owned by an SDN.

Individuals or companies undertaking new investment with the Myanma Oil and Gas Enterprise must notify the State Department within 60 days of their new investment.

General Electric (GE) inked a deal to provide $2 million worth of hospital equipment to two private hospitals in Myanmar on Saturday.

To contact the reporter on this story: Rupert Winchester at [email protected]

MOST VIEWED

  • Ethnic group ‘disappointed’ to be denied French visas to attend court

    Eleven people at the centre of a case involving seven indigenous Bunong villages in Mondulkiri province pursuing legal action in France have expressed disappointment after the French embassy in Phnom Penh denied their visa applications to attend court. A press release said the 11 included a

  • Cambodia nabs 12th place in best retirement destinations

    Cambodia is an expatriate hotspot for those dreaming of living a more luxurious lifestyle at an affordable cost, according to International Living’s Annual Global Retirement Index 2019. For the fourth year in a row, Cambodia took the top spot in the Cost of Living category.

  • EU starts EBA withdrawal

    The EU on Monday announced that it has begun the 18-month process of withdrawing the Kingdom’s access to its preferential Everything But Arms (EBA) agreement over “a deterioration of democracy [and] respect for human rights”. However, the Garment Manufacturers Association of Cambodia (GMAC) said

  • PM: War result of foreign meddling

    Prime Minister Hun Sen said on Sunday that Cambodia’s recent history of conflict was caused by foreign interference. “The wars that happened were caused by provocation, incitement, support, smearing and interference from foreign powers, and the group of ignorant people who pushed Cambodia to