22-4-2021
After imposed sanctions on three Burmese state-owned gemstone enterprise, the United States continues to block Burmese military sources of funding by barring Myanmar Pearl Enterprise (MPE), a state-owned pearl producer, from doing business with American companies and froze its assets in the United States.
MPE “is responsible for oyster fishing and collecting, artificial breeding of oysters, culturing and harvesting pearl, and selling pearl through the Myanmar Pearl Event,” Office of Foreign Assets Control (OFAC) said in a statement. “MPE also approves licenses for oyster fishing, collecting and sales of oyster shells, and registration of oyster diving vessels and pearl and oyster technicians. Through its regulatory role, MPE is a key generator of government revenue.”
Burma’s pearl trade generates annual revenues closely to US$100 million. It is a big cut to the funding for the military regime in the natural resources market. However, the sanction would not “impact the U.S. market because there are many reliable sources for South Sea pearls from other countries,” according to the board of the Cultured Pearl Association of America (CPAA).
To date, the Burmese military’s violent crackdown has led to the deaths of more than 700 civilians and detaining more than 3,000 others, according to the Assistance Association for Political Prisoners.
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