Announcing a new executive order paving the way for sanctions on the generals and their businesses, Biden said on Feb. 10 that the United States was taking steps to prevent the generals from “improperly having access” to $1 billion in Myanmar government funds.
U.S. officials did not explain the statement at the time, but an executive order issued the next day specifically names the Central Bank of Myanmar as part of Myanmar’s government. The order authorizes the seizure of assets of Myanmar’s post-coup government.
Two sources told Reuters the executive order was designed to provide the New York Fed with the legal authority to hold the $1 billion of Myanmar reserves indefinitely.
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