The US Treasury Department said in a statement that Myanmar’s military has relied on foreign sources to purchase and import weapons, as well as equipment and raw materials for weapons production. According to the US accusation, Myanmar’s military government has imported at least $1 billion worth of goods and supplies since the 2021 coup.

The state-owned Myanmar Foreign Trade Bank (MFTB) and Myanmar Investment and Commercial Bank (MICB) were also sanctioned. The US alleges that these banks received and transferred foreign currency for Myanmar's military government.

The United States and other Western nations have imposed a number of sanctions on Myanmar's military leaders since they took power in 2021, following a coup that ousted the elected government led by Aung San Suu Kyi.

A spokesman for Myanmar’s military government said they are not worried about any new sanctions. Zaw Min Tun told state media MWD on Tuesday that the country has been through sanctions before and they will not suffer any losses if there are new sanctions on Myanmar’s state-owned banks.

He said the US "does this only to create economic and political difficulties. These things will cause unnecessary delays while we are trying to move towards a democratic system…".

Bangkok Business News quoted Thai sources as saying the sanctions would affect the finances of Thailand and several other countries in the region because of their links to Myanmar banks.

Bui Huy (according to CNA, Reuters, BBN)