In response to the ongoing democratic reforms in Burma/Myanmar, the Council of the European Union agreed on April 23, 2012 to suspend all sanctions for one year, but to leave the arms embargo and the embargo on equipment that might be used for internal repression in place.
The United States partially eased sanctions against Burma/Myanmar on April 18, 2012 by issuing General License No. 14-C which, going forward, authorizes the export and reexport to Burma/Myanmar of certain financial services by US entities that support specific not-for-profit activities. At present, US sanctions on other types of financial services, investments, imports and dealings with blocked parties remain in place.
As a result of these steps, EU companies may see greater opportunities in Burma/Myanmar in the short term. Individuals and entities subject to US sanctions regulations largely remain restricted—at least for now.
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© 2012 White & Case LLP