US Hits Myanmar’s Gem Industry with Sanctions

The U.S. has imposed sanctions on one of Myanmar’s biggest industries, gemstones, according to a Department of Treasury news release.

Specifically, the U.S. is targeting Myanma Gems Enterprise (MGE), a state-owned business “responsible for all gemstone activities in Burma.” Gemstones, according to Treasury, “are a key economic resource for the Burmese military regime.” “Today’s action highlights Treasury’s commitment to denying the Burmese military sources of funding, including from key state-owned enterprises throughout Burma,” said Andrea Gacki, Director of Treasury’s Office of Foreign Assets Control. Myanmar is also known as Burma.