US hits Myanmar timber and pearl firms with coup sanctions

WASHINGTON (AP) — The Biden administration is boosting sanctions against Myanmar’s military government by hitting two state-owned companies responsible for significant amounts of foreign income. The State and Treasury departments announced Wednesday they were targeting Myanmar’s main timber and pearl exporting firms. The sanctions freeze any assets they may have in U.S. jurisdictions and bar Americans from doing business with them. The step follows a similar move taken earlier this month against a government-run gem company, which also is a major source of income for the military. The U.S. and other nations have steadily ramped up sanctions pressure against the junta since it seized power from a civilian-led government in a February coup.