Treasury Issues License Temporarily Easing Certain Burmese Sanctions
The Office of Foreign Assets Control issued a six-month general license—“GL 20”—to allow trade-related transactions otherwise barred by Burmese Sanctions Regulations (BSR), the department said Dec. 7 (here). The license opens up the possibility for certain transactions that result from…
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exports to or from Myanmar involving specially designated nationals (SDNs), and SDN-owned entities involved in trade to or from Myanmar. Among the current prohibitions that remain in effect are the import of Burmese-origin jadeite, rubies, and jewelry containing those materials. The license authorizes the transactions until June 7, 2016, and allows U.S. financial institutions to unblock and return transactions blocked on or after April 1, 2015, that would have been granted authorization if the general license had already been authorized. “Today’s general license supports the prior easing of U.S. economic sanctions on Myanmar in response to significant positive reforms in the country, while maintaining targeted sanctions against specific individuals and entities,” it said. OFAC issued the license in response to “unintended interruptions” to Burmese trade because of sanctions concerns with a “key” Rangoon port, said the State Department in news release (here).