U.S. government officials stopped Myanmar’s military from moving $1 billion they had at the Federal Reserve Bank of New York, three people familiar with the matter told Reuters.
The sources said that officials halted the movement of the money in the name of the Central Bank of Myanmar shortly after the country’s military seized power in a coup in early February.
There has been international condemnation of Myanmar’s military following the Feb. 1 coup when the military took over the government and arrested elected officials during the process.
President Biden issued an executive order on Feb. 11 that declared the Central Bank of Myanmar part of Myanmar’s military government coup which allowed officials to keep a freeze on the money the government has at the New York Fed indefinitely, two sources told Reuters.
New York’s Federal Reserve Bank declined to comment on the matter.
Since the coup, protests have erupted across Myanmar. Dozens of people have been killed by Myanmar officials during the protests and journalists have been arrested.
Multiple countries have put sanctions on Myanmar following the coup. The military claims they took over because the democratic elections were rigged and they say they will give power back when there is a proper investigation into it.
The Hill has reached out to the State Department for comment.