Australian economist Professor Sean Turnell is advocating for the Australian Government to impose sanctions on Myanmar’s state-owned banks. These banks are crucial for the ruling junta in Myanmar to fund their weapon procurement.
The FSU has signed an open letter to Senator Penny Wong supporting the enhancement of Australian sanctions on Myanmar. We continue to support the efforts of workers in Myanmar in their fight to restore democracy and continues to call for targeted sanctions against Myanmar’s state-owned entities including their central banks.
In a recent speech, Prof Turnell highlighted the role of the Myanmar Foreign Trade Bank (MFTB) and the Myanmar Investment and Commercial Bank (MICB) in supporting the junta’s efforts. He emphasised that these banks are key in funding the Myanmar government’s actions against its people and are the primary sources for the junta’s monetary reserves.
Prof Turnell, who has firsthand experience with the junta’s regime after spending two years in jail in Myanmar, pointed out that the United States has already sanctioned MFTB and MICB. He argues that sanctioning these banks would be an effective and targeted measure against the Myanmar regime.
The urgency for these sanctions is further supported by Myanmar Campaign Network campaigner Tasneem Roc. Tasneem notes that while the Myanmar military has strong arms production capabilities, it relies heavily on foreign reserves for essential items like aircraft and aviation fuel.
The call for sanctions is part of a broader effort to support the Myanmar people’s struggle for democracy and disrupt the junta’s funding sources, amidst a significant human cost and political oppression in the country.
If you would like to become more involved with the FSU’s work in human rights, you can join our Human Rights Network here.
What would a Human Rights Act actually change?
Union Shopper helps you to make the most of your FSU membership with…
The Federal Government has quietly tabled its response to the recommendations from the…
