Sanctions target Myanmar junta’s funds, jet fuel

The Albanese government has slapped fresh sanctions on Myanmar’s ruling junta but stopped short of banning Australian-linked mining companies from doing business in the country.

A fighter of the ethnic armed group Ta'ang National Liberation Army stands guard in the town of Namhkam, in northern Shan state. Picture: AFP

The Albanese government has slapped sanctions on banks and businesses linked to Myanmar’s ruling junta but has stopped short of banning Australian-­listed mining companies from doing business with the country’s resources sector.

Two of Myanmar’s banks and three companies that supply jet fuel to the military regime have been hit with financial sanctions, banning Australians from doing business with them and freezing assets they may hold here.

Foreign Minister Penny Wong said the move would restrict the regime’s access to funds and resources that have enabled atrocities against its own people.

“These sanctions are a response to the regime’s ongoing repression of the people of Myanmar, escalating violence, and the continuing deterioration of the political, humanitarian and security situation,” she said.

“We will continue to use every lever at our disposal to press the regime for a cessation of violence, the release of those unjustly detained, unimpeded humanitarian access, and a return to the path of democracy.”

Myanmar’s military regime has killed nearly 4500 of the country’s people since it seized power three years ago and continues to hold nearly 20,000 political prisoners, according to human rights organisations.

The sanctioned entities are: Myanma Foreign Trade Bank, Myanma Investment and ­Commercial Bank, Asia Sun Group, Asia Sun Trading Co Ltd, and Cargo Link Petroleum Logistics Co Ltd.

The bans follow targeted sanctions on 16 military officials and two military conglomerates since the 2021 coup.

People take part in a demonstration against Myanmar’s 2021 military coup in Muse near the China-Myanmar. Picture: AFP

Justice for Myanmar spokeswoman Yadanar Maung welcomed the new round of sanctions but urged the government to stop Australia-linked mining companies, investors and executives doing business in Myanmar’s military-dominated resources sector.

“Australia still has a long way to go simply to catch up with the sanctions already imposed by its allies, and it should urgently sanction junta-controlled mining entities, given the continued Australian involvement in that sector,” she said.

A Justice for Myanmar report this week listed dozens of ASX-listed companies and subsidiaries doing business in Myanmar’s military-dominated resources sector, including ASX-listed ALS, Access Asia Mining, Valentis and Cornerstone Resources.

The report coincided with a new US government alert specifically warning businesses against involvement in Myanmar’s base metals, gold and rare earths sectors because of its close links to the military.

The US, Canada, Britain and Europe have recently sanctioned Myanmar state-owned mining enterprises.