All shipments will be temporarily allowed to go through Myanmar after it was announced that the US will be temporarily easing trade sanctions on the country, according to Reuters.
This follows news that shipments to Myanmar from the US slowed after it was discovered that Steven Law, the controller of Myanmar’s Port of Yangon had ties to Myanmar’s military and featured on the US’s sanction blacklist.
As a result, various banks began to limit their financial backing to support trade with the country.
A Senior US Official said: “It was beginning to escalate. Not only US banks but also third country exporters and third country financial institutions were beginning to hold up trade going into and out of Burma.”
Peter Harrell, Business Advisor for Entering Markets Under Sanction, said: “There’s no question businesses would like a longer license, but while this window is not ideal from a business perspective, for now it substantially addresses the challenge.
“Now you know you will be able to ship into the country for at least six months.”
Iran recently said that it plans to significantly increase the size of its shipping fleet with more than US$120 billion available to finance ship orders after longstanding sanctions were lifted on the Middle Eastern country.