The EU became the first to impose sanctions on the state-run Myanma Oil and Gas Enterprise (MOGE), one of the junta’s largest cash-cows, reports Germany’s Deutsche Welle.
Mark Farmaner, the director of Burma Campaign UK, told DW that “one of the biggest impacts of these EU sanctions may be that they embarrass the US into finally taking action on gas revenue to the military.”
However, the intermediary banks that collect oil and gas revenue have not been sanctioned by the EU.
“France and the EU need to clarify exactly how exemptions in the sanctions on MOGE will be applied and commit that they will not allow any financial or share transfers, which will benefit the military,” Mark Farmaner told DW. “These sanctions should also impact European companies involved in behind the scenes services to MOGE, including insurance.”