According to Reuters, the protection system of the Federal Reserve System stopped the operation, and soon US President Joe Biden issued an executive order allowing the transaction to be blocked indefinitely.
Myanmar’s military, which came to power in a coup in early February, tried to transfer $1 billion from an account in the Federal Reserve Bank of New York. As reported on Thursday, citing sources, the Reuters news agency, the US authorities stopped the transfer of funds.
It was attempted on behalf of the Central Bank of Myanmar. The protection system of the Federal Reserve System stopped the operation, and soon the President of the United States, Joe Biden, issued an executive order allowing the transaction to be blocked indefinitely.
On February 1, the Myanmar military declared a state of emergency for a year and removed its leadership. Representatives of the army explained their actions by large-scale fraud in the elections held in November 2020. The military formed a new cabinet. Since the beginning of February, residents of the republic have been going out to protest, severely suppressed by the security forces.
On February 10, Biden announced the introduction of targeted sanctions against the military coup participants in Myanmar and blocked their access to the funds of their country in the United States for $1 billion.