News Release
Financial Sanctions: Burma/Myanmar

27 October 2004

With the publication of Council Regulation (EC) No 1853/2004 in the Official Journal of the European Union on 26 October (OJ L323, p.11), a ban on the financing of certain Burmese state-owned enterprises has come into force. Regulation (EC) No 1853/2004 amends Council Regulation (EC) No 798/2004 by strengthening the financial sanctions imposed in respect of Burma/Myanmar.

The Bank of England, on behalf of Her Majesty's Treasury, therefore announces that, with effect from 26 October 2004, making financial loans or credits available to, and acquiring or extending a participation in, certain Burmese state-owned enterprises is prohibited. These restrictions are in addition to the requirement to freeze all funds and economic resources belonging to the persons listed in Annex III to Council Regulation (EC) No 798/2004 and not to make funds or economic resources available, directly or indirectly, to or for the benefit of the listed persons.

Copies of this Council Regulation, and earlier Council and Commission Regulations, and related Bank Notices regarding the financial sanctions regime against Burma/Myanmar are available from the Financial Sanctions pages.

Notes to Editors

The Council of the European Union introduced financial sanctions against certain individuals related to important governmental functions in Burma/Myanmar with effect from 24 May 2000 (Council Regulation (EC) No. 1081/2000). As well as introducing a freeze of funds of named individuals, the Regulation imposed an arms embargo, a travel ban and prohibited the sale, supply and export to Burma/Myanmar of equipment which might be used for internal repression or terrorism. Following the expiry of Regulation (EC) No 1081/2000 on 29 April 2004, the restrictive measures against Burma were replaced by Regulation (EC) No 798/2004 with effect from 30 April 2004.

Council Regulation (EC) No 1853/2004 amends Regulation (EC) No 798/2004 by introducing a ban on the financing of certain Burmese state-owned enterprises thereby strengthening the restrictive measures already in force.