Myanmar coup leaders tried draining $1bn from US account: Sources

An executive order from US President Joe Biden gave the green light to block the transfer indefinitely, Reuters reported.

Myanmar’s military rulers attempted to move about $1bn held at the Federal Reserve Bank of New York (FRBNY) in the United States days after seizing power on February 1, prompting US officials to put a freeze on the funds, three people familiar with the matter, including one US government official, told Reuters news agency. The transaction on February 4 in the name of the Central Bank of Myanmar was first blocked by Fed safeguards. US government officials then stalled on approving the transfer until an executive order issued by US President Joe Biden gave them legal authority to block it indefinitely, sources told Reuters. A spokesman for the New York Fed declined to comment on specific account holders. The US Department of the Treasury also declined to comment.