Question to the HM Treasury:

To ask the Chancellor of the Exchequer, whether the sanctions placed on Myanmar Economics Holdings Ltd on 25 March 2021 include (a) financial services and (b) insurance.

Yes. Myanmar Economics Holdings Ltd was designated under the Global Human Rights Sanctions Regulations on 25 March 2021. The Regulations impose financial sanctions through a targeted asset freeze on designated persons. This involves the freezing of funds and economic resources (non-monetary assets, such as property or vehicles) of designated persons and ensuring that funds and economic resources are not made available to or for the benefit of designated persons, either directly or indirectly. The asset freeze prohibits the payment of insurance premiums in the absence of a licence from the Office of Financial Sanctions Implementation (OFSI).