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UK sanctions Myanmar Gems Enterprise in bid to cut off junta funding

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LONDON (Reuters) – Britain announced sanctions against state-owned enterprise Myanmar Gems Enterprise (MGE) on Monday, saying the move would deprive the military junta there of a key source of funding.

The United States and Canada also announced further sanctions against Myanmar, which has been in crisis since the military seized power from Aung San Suu Kyi’s elected government on Feb. 1.

“The designation against MGE will cut off a key source of funding for the military junta, which continues to subvert democracy and is responsible for the violent repression and serious human rights violations against the people of Myanmar, including the killing of children,” the foreign office said in a statement.

Myanmar is the world’s main source of jade, a sought-after stone in China, and a major source of rubies and other rare gems. The United States blacklisted MGE in April.

Britain has previously announced sanctions and asset freezes on other entities and individuals linked to the February coup.

“The military junta in Myanmar continues to crush democracy and attack its own people with brutal ferocity,” foreign minister Dominic Raab said in a statement

“We are working with our allies to impose sanctions that hit the junta’s access to finance, and deliver a return to democracy.”

(Reporting by William James, editing by Andy Bruce)

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